Understanding the Options Levels Indicator for MetaTrader 4

If you're trading options and using MetaTrader 4, the Options Levels Indicator is a must-have tool for your trading arsenal. It helps you calculate and visualize the options levels right on your chart, making it easier to make informed decisions.

To get started, you can download the CME bulletin here: CME Daily Bulletin

Alternatively, you can access it directly from the FTP site: CME Bulletin FTP

Once you've got the indicator set up, simply fill in the input parameters to see the options levels displayed on your screen. The calculation of these levels is based on the following formulas:

Call: Strike/1000 + Premium * Multiplier
Put: Strike/1000 - Premium * Multiplier

Input Parameters for the Indicator:

input double Call_1_Strike  = 1115;     // Call Strike Price 1
input double Call_1_Prem    = 7.6;      // Call Premium 1
input double Call_1_Vol     = 471;      // Call Volume 1
input double Call_1_OI      = 1513;     // Call Open Interest 1

input double Call_2_Strike  = 1120;     // Call Strike Price 2
input double Call_2_Prem    = 5.8;      // Call Premium 2
input double Call_2_Vol     = 419;      // Call Volume 2
input double Call_2_OI      = 3016;     // Call Open Interest 2

input double Call_3_Strike  = 1130;     // Call Strike Price 3
input double Call_3_Prem    = 3.1;      // Call Premium 3
input double Call_3_Vol     = 696;      // Call Volume 3
input double Call_3_OI      = 2738;     // Call Open Interest 3

input double Put_1_Strike   = 1080;     // Put Strike Price 1
input double Put_1_Prem     = 1.9;      // Put Premium 1
input double Put_1_Vol      = 694;      // Put Volume 1
input double Put_1_OI       = 2541;     // Put Open Interest 1

input double Put_2_Strike   = 1100;     // Put Strike Price 2
input double Put_2_Prem     = 6.2;      // Put Premium 2
input double Put_2_Vol      = 655;      // Put Volume 2
input double Put_2_OI       = 3148;     // Put Open Interest 2

input double Put_3_Strike   = 1090;     // Put Strike Price 3
input double Put_3_Prem     = 3.5;      // Put Premium 3
input double Put_3_Vol      = 286;      // Put Volume 3
input double Put_3_OI       = 7061;     // Put Open Interest 3

input double Multiplier     = 0.001;    // Premium Multiplier

input string Line_Inputs="**** Line Inputs *****";

input int    LineWidth      = 2;        // Line Width
input int    LineStyle      = 0;        // Line Style
input int    LineStart      = 0;        // Start bar of the line
input int    LineEnd        = 15;       // End bar of the line
input color  CallColor      = Red;      // Call Line Color 
input color  PutColor       = Lime;     // Put Line Color 

input string Text_Inputs="**** Text_Inputs *****";

input int    StartText      = 6;        // Start bar of the text
input int    FontSize       = 6;        // Font Size
input string FontName       = "Arial";  // Font Name  
input color  CallText       = Blue;     // Call Text Color
input color  PutText        = Blue;     // Put Text Color 
input bool   ShowText       = true;     // Show Text

Fig.1. The indicator on the chart

Recommendations:

Think of this indicator as your trusty trading assistant. It can provide valuable insights to guide your trades.

Understanding the Options Levels Indicator for MetaTrader 4

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