Round Levels Indicator, The Definitive Guide to Round Levels Indicator
On the chart, the Round Levels Indicator marks important psychological levels where the price may stall or reverse.
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- Indicator Settings
Description
Every financial institution and market maker that participates in forex trading has a methodical approach to placing orders. These major stakeholders make their decisions at crucial levels known as psychological levels. The figures at these levels are rounded to the nearest.00 or.50. The price may stall for more than two times, or it may reach its highest or lowest point in history.
Traders that enjoy trading with the major players in the forex market are therefore constantly on the lookout for these levels. For traders’ convenience, the Round Levels Indicator shows the four nearest levels on the chart.
The foundation
Four significant psychological levels where the price may stall or reverse are marked on the chart by the Round Levels Indicator. As seen in the charts below, psychological price levels are represented on the chart as horizontal colored lines.
The Round Level Indicator on the EUR/CAD M15 chart above displays the psychological pricing or significant levels. All traders keep an eye out for these levels, which are also important support and resistance levels.
According to the accompanying chart, the price pauses and reverses rapidly with powerful movement as it reaches these significant support and resistance levels. This suggests that a significant number of transactions and pending orders are being placed at these levels by market makers and financial institutions. When the price reaches the level, the MT5 Round Levels Indicator can also be used to set a take-profit and stop-loss.
This indicator performs flawlessly across all time periods and market circumstances. This indicator can be used by swing, position, intraday, and scalpers to enter and exit buy and sell trades.
You can use this indicator exclusively. However, using Fibonacci tools in conjunction with market research and structure yields the best outcomes.
Conclusion
An effective tool for traders to recognize psychological price levels on the chart is the MT5 Round Levels Indicator. You can enter or quit a trading position using these levels. The indicator performs best for all types of traders and in all market conditions. This indicator works well when combined with Fibonacci tools and price action.
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The indicator is suitable for both inexperienced and seasoned traders because of its straightforward settings.
Number of zeros for rounding – enables adjustment of the rounding precision level.
Label of the levels – defines the names assigned to each level.
Color of the second upper level – choose the color for the line representing the second upper level.
Style of the second upper level – select the line style for the second upper level.
Width of the second upper level – set the line thickness for the second upper level.
Color of the first upper level – choose the color for the line representing the first upper level.
Style of the first upper level – select the line style for the first upper level.
Width of the first upper level – set the line thickness for the first upper level.
Color of the first lower level – choose the color for the line representing the first lower level.
Style of the first lower level – select the line style for the first lower level.
Width of the first lower level – set the line thickness for the first lower level.
Color of the second lower level – choose the color for the line representing the second lower level.
Style of the second lower level – select the line style for the second lower level.
Width of the second lower level – set the line thickness for the second lower level.
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