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BalanceLines MT5

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The author of the Trader AFI_man methodology.

The BalanceLines indicator plots the balance levels at a given time interval. The balance line conditionally divides the market volume into sellers (above the balance level) and buyers (below the balance level). At any settlement movement, when the price is fixed above the balance level, there comes a moment when sellers are unable to restrain buyers, which leads to growth. Similarly, when the price is fixed below the balance level, there comes a time when buyers cannot restrain sellers, which leads to a decrease. Thus, the price moves from one balance level to the next.

  • Building book value levels
  • Building midi balance levels
  • Building micro balance levels
  • Price levels are rounded by a multiple of 5 according to the selected rounding method

The main signals of the indicator:

  • If the price is trading above the balance level, in the purchase preference
  • If the price is trading below the balance level, in the sale preference
  • If the price from the book value line has reached the level of the micro balance from the High candle, it is more likely to go to the level of the midi balance from the High candle
  • If the price from the book value line has reached the level of the micro balance from the Low candle, it is more likely to go to the level of the midi balance from the Low candle
  • If the price is not fixed below/above the midi balance, then there will be a pullback movement to the book value

[spoiler title=”Read More…”]

  • BalancePrefix – Prefix of the balance line, required if more than one indicator is used on the chart
  • BRoundType-Rounding method, the following options are possible:
    • without rounding
    • rounding in pips is a multiple of 5
    • rounding in points
  • BLColor – Color of the balance line
  • BLWidth – The thickness of the balance line
  • BLStyle-The style of the balance line
  • BLMDEnable – Display the midi balance lines
  • BLMDColor – The color of the midi balance line
  • BLMDWidth – The thickness of the midi balance line
  • BLMDStyle – The style of the midi balance line
  • BLMREnable – Display micro balance lines
  • BLMRColor – The color of the micro balance line
  • BLMRWidth – The thickness of the micro balance line
  • BLMRStyle – Micro Balance line style
  • without rounding
  • rounding in pips is a multiple of 5
  • rounding in points

The period for building the book value is set by vertical lines on the chart. The indicator does not redraw, it is enough to move the right vertical line to update the period. It is allowed to use more than one indicator on the chart, in this case, the prefix must be set in the indicator settings.

Apply the book value indicator to the last pulse of the higher timeframe. The position of the price relative to the book value line indicates the preferred direction of movement. Go to the working timeframe and look for entry points on pullbacks in the direction of the higher timeframe. To search for pullbacks on the working timeframe, you can also use the book value indicator. In this case, we will look for a correction from one balance level to another, for example, from the midi balance to the book value.

[/spoiler]

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