The Round Levels indicator MT4 automatically picks up round number levels (essential support and resistance level) and draws these on the chart. It is beneficial to trade off the natural psychological support and resistance zones.
What is the round levels indicator?
The Round Levels Indicator sets a critical psychological level. These phycological levels shows that the price cannot move or reverse in the chart. The big players place orders at the fundamental levels, also known as “the psychological level. These levels are round numbers that end with .00 or 0.50. These psychological levels could be all-time highs, lows, or points that the price is stuck for more than two times. These levels are constantly viewed by those who want to trade with the biggest traders in the foreign market. The Round levels Indicator shows all the levels across the charts so that traders can understand them more easily.
How does the round level works?
The chart below for EUR/USD H1 illustrates how the market is moving. Levels Indicator that displays the most critical levels or psychological price levels. They are substantial levels of resistance and support that traders keep an eye on.
In addition, this indicator illustrates the minor resistance and support amounts across the chart. This chart shows the significant resistance and support levels at 1.17500 or 1.19000, respectively.
Resistance and support levels of round levels
If the price rises to this important level of resistance and support in the above chart. It slows down and reverses abruptly, resulting in an accelerated price movement. This indication suggests that financial institutions have placed a considerable number of trades and open transactions at the levels. The Round Levels is also an excellent tool to set stop-loss levels. Take profit when the price reaches the mark.
This indicator performs flawlessly for any market condition and every time frame. Scalpers, intraday traders, and swing and position traders utilize this indicator to enter and exit purchase and sale trades.
Inputs to round level indicator
The following table shows the input properties of round indicator. Feel free to experiment with settings for better results.
Conclusions
The Round Levels indicator MT4 effectively allows traders to identify an emotional price level in the graph. The levels help to enter or exit from a trading position. The indicator is effective under all market conditions and applies to all kinds of traders.
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