This week we’re happy to announce the release of our new Daily Levels indicator for NinjaTrader 8. The indicator plots important levels each day and displays historical probabilities of each level being hit within the session.
To get started, download the bundle and add the Daily Levels indicator to your chart. You can start a 14 day free trial just by downloading and using the indicator. To see the historical probabilities of a level being hit, begin a trial subscription.
The Daily Levels indicator will automatically plot important levels for each session including prior days high/low/mid, the current and prior day’s IB high/low and more. Click the button above to see a full list of levels.
How to Use Daily Levels
The most common way to use these levels are as trade targets. If a level hasn’t been touched yet within a session, it will appear in color. If the level has already been touched in the session, it will appear gray.
Another way to use these levels is to infer if price is more or less likely to trade beyond a certain point, based on historical probabilities.
Please keep in mind that the probabilities displayed are historical probabilities. Historical probabilities reflect the percent of sessions for which a level has been touched within past sessions. They are a reflection of the past. This may or may not accurately reflect the probability of the level being touched in future sessions.
The Daily Levels indicator plots levels on all products. Historical probabilities (percentages on each level) are initially only available for the most popular e-mini and micro CME futures products. This includes CL, GC, ES, NQ, YM, MGC, MES, MNQ, MYM. For a full list of supported products, click the button above. Historical probabilities are recomputed and updated on a regular basis. Recomputing the levels ensures that recent price action is taken into account. If you would like to see historical probabilities for other products please contact us.
The indicator supports historical probabilities for both the regular trading hours session (beginning at 9:30am ET) and the overnight session (beginning at 6pm ET). You can trade each session with probabilities computed specifically for the respective session type (regular or overnight).
The Daily Levels indicator works on time-based, tick and range charts. Since the indicator uses onBarClose, it will take 1 minute after the session open for the probabilities to be displayed for the current session. To see the labels for each level, the chart’s “Right Side Margin” property will need to be set to about 80 depending on bar width. Give it a try today, free for 14 days!
If you have any questions, suggestions or run into any issues, please don’t hesitate to contact us.
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