What it does
Monthly Levels is built for traders who want to keep broad market structure in view without leaving their trading chart. It is helpful when a market is approaching obvious monthly reference prices and you want them marked cleanly.
Who this is for
This page is a good fit for traders who want a readable Monthly Levels workflow without having to reverse-engineer the setup from forum posts or screenshots.
Key terms for this tool
Review the core trading and platform terms tied to this page before changing settings or using the study in a live workspace.
What it is not
Monthly Levels is a chart-context tool. It does not place trades, manage risk automatically, or promise that a specific pattern will resolve in one direction. Use it to organize decisions, not to outsource them.
Chart examples
This chart capture shows the study on a real NinjaTrader workspace. Use it as visual reference, then confirm behavior on your own instrument, session, and timeframe.
Monthly structure on chart
A NinjaTrader 8 chart capture showing Monthly Levels for broader support and resistance context.
Best fit
- Marking broader structure around major monthly reference prices.
- Watching whether a move is extending into fresh monthly territory.
- Keeping bigger-picture context visible while trading lower timeframes.
Before using it live
- Import the NinjaTrader 8 ZIP through NinjaTrader's normal import flow.
- Use it when you want higher-timeframe context on daily or intraday charts.
- Keep the chart clean enough that the broader monthly references stay useful.
- Review how the tool behaves on your actual session template, chart type, and instrument.
Settings to review
Shows the prior month's high.
Shows the prior month's low.
Shows the current month's opening price.
Installation notes
- Import the NinjaTrader 8 ZIP through NinjaTrader's normal import flow.
- Use it when you want higher-timeframe context on daily or intraday charts.
- Keep the chart clean enough that the broader monthly references stay useful.
Downloads
Source code
These source examples are provided for copy/paste workflows on other charting platforms. Review and test any script in a simulator before using it on a live chart.
{
Monthly Levels
FreeIndicators.com source example.
Works as a starting point for TradeStation EasyLanguage and MultiCharts PowerLanguage.
}
Vars: PriorMonthHigh(0), PriorMonthLow(0), PriorMonthClose(0), CurrentMonthOpen(0);
If Month(Date) <> Month(Date[1]) Then Begin
PriorMonthHigh = HighM(1);
PriorMonthLow = LowM(1);
PriorMonthClose = CloseM(1);
CurrentMonthOpen = Open;
End;
Plot1(PriorMonthHigh, "PMH");
Plot2(PriorMonthLow, "PML");
Plot3(PriorMonthClose, "PMC");
Plot4(CurrentMonthOpen, "PMO");// Monthly Levels
// FreeIndicators.com source example for MetaTrader 4.
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 DodgerBlue
#property indicator_color2 Crimson
#property indicator_color3 SeaGreen
double Buffer1[];
double Buffer2[];
double Buffer3[];
int init() {
SetIndexBuffer(0, Buffer1);
SetIndexBuffer(1, Buffer2);
SetIndexBuffer(2, Buffer3);
return(0);
}
int start() {
int counted = IndicatorCounted();
int limit = Bars - counted - 1;
for(int i = limit; i >= 0; i--) {
int shift = iBarShift(Symbol(), PERIOD_MN1, Time[i], true) + 1;
Buffer1[i] = iHigh(Symbol(), PERIOD_MN1, shift);
Buffer2[i] = iLow(Symbol(), PERIOD_MN1, shift);
Buffer3[i] = iClose(Symbol(), PERIOD_MN1, shift);
}
return(0);
}// Monthly Levels
// FreeIndicators.com source example for MetaTrader 5.
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_plots 3
double Buffer1[];
double Buffer2[];
double Buffer3[];
int OnInit() {
SetIndexBuffer(0, Buffer1, INDICATOR_DATA);
SetIndexBuffer(1, Buffer2, INDICATOR_DATA);
SetIndexBuffer(2, Buffer3, INDICATOR_DATA);
return(INIT_SUCCEEDED);
}
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[]) {
int start = prev_calculated > 1 ? prev_calculated - 1 : 1;
for(int i = start; i < rates_total; i++) {
int shift = iBarShift(_Symbol, PERIOD_MN1, time[i], true) + 1;
Buffer1[i] = iHigh(_Symbol, PERIOD_MN1, shift);
Buffer2[i] = iLow(_Symbol, PERIOD_MN1, shift);
Buffer3[i] = iClose(_Symbol, PERIOD_MN1, shift);
}
return(rates_total);
}//@version=5
indicator("Monthly Levels", overlay=true)
pmh = request.security(syminfo.tickerid, "M", high[1])
pml = request.security(syminfo.tickerid, "M", low[1])
pmc = request.security(syminfo.tickerid, "M", close[1])
plot(pmh, "Prior month high", color=color.green)
plot(pml, "Prior month low", color=color.red)
plot(pmc, "Prior month close", color=color.blue)Limitations
- Monthly lines can feel too broad for short-term scalping by themselves.
- They work best as structure context, not as isolated signals.
- Market tempo can change long before price reaches a monthly reference.
Frequently asked questions
Does it repaint?
This tool can revise its most recent labels or levels until enough bars have formed to confirm the swing or range it is using. Older confirmed values should be more stable than the most recent developing ones.
Which platforms are covered?
NinjaTrader 8, TradeStation EasyLanguage, MultiCharts PowerLanguage, MetaTrader 4, MetaTrader 5, TradingView Pine Script are currently represented through downloads or source pages.
Is source code included?
Yes. This page includes source examples or links to platform-specific source pages where applicable.
