The TP/SL Levels feature displays 5 lines (1 middle line in orange,2 support in blue, 2 resistances in red) and 5 labels, and aims to help the user set stop losses and take profits. When the price significantly deviates from the middle level, new levels will be displayed.
The TP/SL Distance setting controls the width of each level, with higher values returning more distant levels and changing their position less frequently.
You can enable these levels from the basic settings, by selecting On in TP/SL Levels Feature drop-down (Off by default). Selecting Only Labels will only display the labels on the chart without the levels.
These levels can also act as support and resistance lines, and can as such help users open positions.