The Grid Round Numbers indicator MT4 creates a grid on the chart with round numbers. This indicator makes these numbers, which can be difficult to track, visible on the chart.
|Grid Round Numbers
What is the purpose and working of round grid number indicator MT4?
The biggest influencers on the forex market are market makers, banks, hedge funds, and other major players. These entities place the highest volume or lot size, greatly influencing market movement. Their open trades are also strategically placed, with pending and stop orders placed on prices with rounded numbers.
These big players’ rounded numbers are key prices known as psychological prices. These figures are represented on the chart as a price ending in.00. As a result, traders who like to trade with the big players in the forex market keep an eye out for these prices. The Grid Round Numbers indicator highlights this round number on the chart, making it easier for traders to identify.
All of the ground numbers on the EUR/USD D1 chart above were displayed on the price icon. From top to bottom, the numbers are 1.04000, 1.0300, 1.0200, 1.0100, , 0.98000, 0.75000, and 0.70000 The difference between two rounded prices is 50 pips. As a result, this indicator places all rounded numbers at the same pip distance from each other.
These rounded numbers can represent all-time highs or lows, as well as locations where the price has stalled for more than two times. As a result, they can act as critical support and resistance levels where the price can stall and eventually reverse. Furthermore, on lower time frames, these rounded numbers can serve as minor support and resistance levels.
How to Trade with round grid indicator?
The Grid Round Numbers indicator MT4 do not give any signals.
To create a complete trading system solution, you’ll need to combine the Round Numbers indicator with other MT4 Forex indicators. For example, you could use it in conjunction with this MT4 scalping indicator for short-term trading.
Use this indicator in conjunction with the Channels Trading Signals Forex MT4 indicator for day trading and swing trading currency pairs. Traders who used the Channels Trading Signal indicator for Metatrader 4 reported positive results.
The Grid Round Numbers indicator MT4 draws a grid on the chart at round numbers, making these numbers visible. These figures can be used to enter or exit a trade. The indicator is most effective in all market conditions and with all types of traders. This indicator should be used in conjunction with other MT4 indicators for the best results.Download indicator