Keylevels [KAWS]

Overview

The Keylevels Indicator is designed to provide traders with a clear and structured view of important market reference points. It automatically detects and plots session highs and lows, weekly and monthly levels, as well as the previous day’s range. These levels are presented directly on the chart as dynamic lines with optional text labels, offering a consistent framework for understanding price action across multiple time horizons.
Understanding the Concepts


What are Key Levels?

Key levels are significant price points that often serve as reference markers in market activity. They represent areas where the market has previously established boundaries (highs and lows) within sessions, days, weeks, or months. Such levels can highlight where price has repeatedly reacted, providing insight into areas of potential importance.


Why Sessions Matter

Financial markets operate globally, and trading sessions (Asia, London, New York) reflect the activity of different regions. Each session produces distinct highs and lows that can serve as key markers for subsequent price behavior. By capturing these levels automatically, the indicator helps visualize how markets transition from one trading phase to another.


Higher Timeframe Levels

Weekly and monthly highs and lows, as well as the previous day’s range, provide broader structural reference points. These levels are often used to assess whether the market is respecting or breaking significant boundaries over time.


How the Indicator Works

The indicator automatically tracks and plots:

• Session Levels: Highs and lows of the Asia, London, and New York sessions.
  
• Session Open Price: A clear reference line marking the opening price of a chosen session.
  
• Daily Levels: Previous day’s high and low, updated at the start of each new day.
  
• Weekly Levels: High and low of the current week, with automatic reset each new week.
  
• Monthly Levels: High and low of the current month, updated dynamically.
  

Each level is displayed with customizable line styles, colors, and labels. Labels can include text only or also display the exact price, depending on user preference. The indicator further supports the option to extend lines into the future, allowing for ongoing visibility of these reference points.


Customization Options

• Display Control: Enable or disable specific sessions, daily, weekly, or monthly levels.
  
• Visual Styling: Adjust line colors, thickness, and style (solid, dashed, dotted).
  
• Labels: Choose whether to display text, include price information, and set text size.
  
• Session Settings: Define your preferred timezone and session open times for accuracy across global markets.
  
• Line Extension: Decide whether levels should extend into the future or stop when broken.
  

Important Considerations

This indicator is a technical reference tool. It does not generate buy or sell signals but instead provides structural context by highlighting where the market has established significant levels. As with any technical tool, it is most effective when integrated into a broader trading framework that includes market structure, trend analysis, and risk management.