StopLossClusters for MT4.
This indicator displays two clusters of orders (above and below the current price) and their volume on a permanent basis. The Clustering Method works by means of a specially "trained" algorithm, which alternately sorts through all the levels in the glass until it finds 7 nearby levels, the sum of which will be maximum. This amount is recorded in the database, which, subsequently, we see on the chart. From these 7 levels, a level with a maximum value is also selected, which acts as a reference for the construction of the line. As for the very method of trading, the following statement applies to stop loss: "Sell where everyone buys, but buy where everyone sells." Thus, if the accumulation of stop-loss is at the top, and this, in fact, the transaction for the purchase, we should sell at these levels.
And we can sell in two ways:
• Closing a previously opened deal to buy on a take profit;
• Opening a new deal for sale.
In both cases, the seller's stop loss will act as counterparty to our deal for sale. Similarly, for purchases, a counterparty for stop-loss buyers will be another buyer, who will enter the market at more favorable prices. The sounded two methods nevertheless differ a little from each other ideologically. In the first variant, we needed liquidity to simply get out of the deal with a profit, and then we no longer care where the price goes. And the second option can be called a "fence" of liquidity, since we are opening a new deal, and we need the price to turn around and go down. Pay attention to this when working with the indicator. The main "Chips" indicator
1. The volume of clusters. Lines display not only the price level on which the congestion was formed, but also its volume. The clarity of visualization is achieved due to the different thickness of the lines.
2. Stages of accumulation. The indicator supports 3 stages of accumulation, each with a larger line thickness. You can customize the volume frame for any stage:
3. Label and hint. At the end of the chart, you will see a text label with the amount of volume on the last bar. Also, you can call up a hint with the amount of volume on any other bar just by hovering over the line. This option must be enabled in the settings. 4. Hiding data. You can configure a hotkey to quickly hide the indicator lines from the graph, or set the default data hiding. It is useful in case you have completed the analysis for this indicator and want to free up space for analysis.