As you Camarlila see, trading with the Camarilla Equation is relatively simple. The important levels to note are the 'L3' and 'H3' levels, where you may expect a reversal to occur, and the 'L4' and metatrarer levels that shows you where a major breakout has been confirmed. How you specifically enter a trade depends to a great extent on the way the market opens. Whichever it hits first L3 or H3 determines your trade. Some traders recommended using the higher 'H4' level as your stoploss point, as a penetration up thru the H4 level actually shows that a major breakout may be under way. I would recommend that you wait for price to bounce back down inside the H3 level again before entering the trade, as you will therefore be technically trading WITH the short-term trend.
A fair amount of experience is needed for this style of trading.
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Market Opens Outside 'L3' In this case, you wait for the market to move back up thru the L3 level - you will then be trading WITH the trend, and once again, some traders recommended using the L4 level as your stop loss although perhaps you should use a sensible stop based on your knowledge of your market. Taking profits is a matter of personal judgement - just be aware that you WILL want to take profits at some time during the day, because the market is unlikely to 'behave' and stay right-sided for your trade. Research suggests that these reversals from L3 and H3 happen as often as 4 times out of 5 during intraday trading.
Ok so now you know a little about the equation and how to use it, here is what you have all been waiting for so patiently And all with predetermined and clear levels for any price objectives and profit targets, with stop loss placement covered also. In other words a complete indicator, and one which is delivered with potential trading setups built in to help you see when key levels are being approached or breached. The indicator works in a complex way, but the data is presented simply using six levels above the price action and six levels below.
Configuring the Live Camarilla Levels Indicator for MT4
These levels are calculated for levelx different timeframes in different ways. For daily timeframes and above the levels metatradet the same for the month, and they are then recalculated at the start of the new month. For intraday timeframes these are recalculated at the start of each new daily session. Reversal Trading For reversal trading the key levels to watch are S3 and R3. These are levels which when approached signal potential reversals.
So when price is approaching and tests the S3 level below the buffer zone, a reversal to the upside may be on the horizon. In other words a reversal from a bearish trend to a bullish trend in that timeframe. Equally, when price is approaching and testing the R3 level above the buffer zone, then a reversal is possible with the bullish price action reversing to bearish. In both cases the next level then denotes the level for the stop loss. For a reversal off the S3 level higher, the stop loss could be placed at S4 and for a reversal off the R3 level, the stop loss could be placed at the R4 level — assuming these levels fit your risk and money management rules.
The potential price targets are then as follows: For an R3 reversal the profit targets are from S1 to S3. For an S3 reversal the profit targets are from R1 to R3. Breakout Trading For breakout trading the key levels are the R4 above the buffer zone and the S4 below.
These are levels at which the price is expected to breakout from the current region and develop a strong move away from the region. So any move to test and break the R4 level is likely to see price continue higher and develop a strong trend. Equally if the S4 level is tested, then price is likely to continue lower and develop a strong trend. For an S4 breakout the profit targets are S5 to S6 For an R4 breakout the profit targets are R5 to R6 Using the Camarilla levels in this way offers a complete solution to two distinct approaches to trading, and in addition, also provide potential target levels along with suggested stop loss positions, but as always these must meet your risk and money management rules.
And it is important to understand the indicator and associated levels can be adopted in two very distinct ways.
First, if you are more suited to mechanical trading where you feel more comfortable with a rule set, then the levels can be considered as your rule set. However, if you are more suited to discretionary trading then the indicator is a perfect complement to other Quantum indicators such as the support and resistance indicator, which again is one based purely on price, and so helps to reinforce levels delivered by the Camarilla protocol. Other indicators such as the Trend Monitor also work perfectly in association with this indicator. The Camarilla levels indicator works in all timeframes on both standard and custom charts, and in every market, so can be used to trade stocks, commodities, forex or indices on the MT4 platform.
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To help you when using the indicator we have also included some simple messages to guide you as the various levels are approached and tested. These appear as follows: If the current open price is between R3 and S3 the indicator displays the words — Possible mean reversal trade is on the horizon If the current open price is between S3 and S2 the indicator displays the words — Possible long position now on the horizon If the current open price is between R3 and R2 the indicator displays the words — Possible short position now on the horizon If the current open price is between R3 and R4 the indicator displays the words — Possible breakout now on the horizon for a long position If the current open price is between S3 and S4 the indicator displays the words — Possible breakout now on the horizon for a short position When there is nothing of interest, the indicator displays the message — Analysing the chart… You can of course elect to switch these messages off, and they are only included to alert you to possible set ups occurring.
To start using the indicator, you can click and drag QuantumLiveCamarillaLevels from the Navigator to a chart or you can also double-click QuantumLiveCamarillaLevels which will then be applied to the currently selected chart. Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Live Camarilla Levels These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections. About tab Here you will find basic information about the indicator such as its name, description, and version number.
Levsls is required by all Quantum indicators to properly communicate with its accompanying DLL file. Other than this, please leave other options to their default setting. Inputs tab You can configure the indicator by changing its variables listed in this tab.