This paper presented a new modular symmetrical and asymmetrical multilevel inverter topology. The multilevel output is obtained either with independent DC source or additive or subtractive combination with other DC sources. This paper presents a new algorithm ( an alternative quinary sequence) for choosing input dc voltage sources magnitude. Switching pulses to the proposed topology is created using Phase Opposition Disposition (POD) pulse width modulation technique. The proposed topology shows better performance compared to a few recent topologies in terms of the switches count, DC sources count and the cost function. Switching states were derived for the proposed topology to create 5-Level, 9-Level and 49-Level. Simulation and experimental results verify the validity of the proposed topology. Prototype was developed to generate 9-Levels in the output voltage.