When the market price reaches these levels, traders closely monitor to see if there will be a price reversal or continuation.
What’s the purpose and working of the Symbol Changer indicator?
All financial institutions and market makers trade and place their orders strategically in the forex market. These entities place the largest volume or lot size, greatly influencing price movement in the forex market. Banks such as Citigroup, Deutsche Bank, Bank of America, HSBC, and Barclays Bank are the most powerful among these financial institutions. Their colleagues are assigned to key psychological levels known as the bank levels. As a result, traders who like to trade with these big players in the forex market keep an eye out for these levels. The Bank Level Indicator can be used to monitor these levels.
The Bank Level Indicator creates bank levels that can act as pivot points, significant zones of support and resistance, and even dynamic support and resistance lines. As a result, these levels are suitable for trend following and reversal trading strategies. This indicator is especially useful for day trading. This indicator will be useful for intraday traders and scalpers.
Buy and Sell trade
When trading with this indicator, traders should pay attention to when the price is exactly at these levels. When the price reaches these levels and then stalls, it indicates that a reversal is imminent. When prices stall at these levels, traders should look for reversal patterns like doji, hammer, spinning top pin bar, and so on as a confirmatory entry (buy or sell) signal.
As a result, when the price reaches this level and a candle pierces it strongly, traders should be on the lookout for a breakout trade. Traders should apparently wait for the price to retest this level and for a confirmation candle before placing orders.
The Bank Level Indicator MT4 depicts key bank levels on the chart. This indicator is better suited for day trading. The Bank Levels Indicator can be used alone, but it performs best when combined with other technical indicators.Download indicator