The Round Level indicator is now available for MT4 and MT5.
The Round Level indicator is an MT4 forex trading tool that automatically identifies and displays round levels of price on the chart.
Round Levels, otherwise known as psychological levels are believed to be zones where big financial institutions like banks, hedge funds, etc. place their BUY/STOP orders.
These round levels are typified by multiple zeros which come after a decimal point.
In essence, round levels are round figures on a chart that are mostly respected by price action. They are potential turning points or support/resistance areas. These levels include 1.900, 1.200, etc.
The Round Level indicator is built to mark up the psychological (round) levels on a trading chart because they are somewhat difficult to find with the naked eye. This in turn takes away the eye strain of manually searching for such levels.
Round levels tend to be reliable support and resistance zones due to the activities of the big financial players around such levels. As a trader, you can also take advantage of these (round) levels for trade entries and exits.
The above image gives a visual illustration of how price reacted with the round levels.
Forex Trading With Round Levels
We’ve already established that round levels are key areas where you can open a BUY/SELL position, Take profit or set your Stop orders. And that the Round Levels indicator makes the above process hassle-free.
Note that the round levels are not just traded randomly as they are not always respected by price. After all, there’s no level on the chart that is always bound to be respected by price.
Therefore, round Levels are better used per price action. For better understanding, let’s put a few things into perspective.
How To BUY/SELL with the Round Levels indicator
The Round Levels indicator can be used with price action for better entries/exits. A high probability BUY setup can be spotted using a trend line, for instance. Trend Lines define the trend of a market, (in this case, a bullish trend).
Next is to identify a round level that is within the range of an established trend line that had previously acted as a support zone. With the above conditions, you may open a BUY position at the retest of the retest of the trend line. Such trade would most likely play out in your favor.
The same ideology is also valid for a good SELL setup. Please refer to the above chart (SELL Signal) for more clarity. Take Profit and Stop Loss can also be placed accordingly with the same principle.
Round Levels Indicator Settings
The indicator has a host of functions and settings that can be adjusted by users if the need arose. Here are some of the settings below:
Level quantity on screen – this shows the range of levels to be displayed.
Draw levels – this is used to select the precise level to be displayed on your chart.
Level labels – this option allows users to enable/disable the indicator from labeling round levels.
Level type – this option allows levels to be marked as a price.
Front size – this defines the size of the round level.
Figure/halves/quarter lines width – used to define the thickness of the numbers (whole number, half-number, and quarter number) levels.
Figures/halves/quarter lines type – used to enable whole number, half-number, and quarter number levels on your chart.
Color scheme – used to assign a color to the indicator.
Alert method – this option is used to enable/disable the round-number level alert.
Level type alert – this is used to define the type of level you want the indicator to alert you on.
Conclusion
The round levels of price hold great potentials for traders that know how to harness them. This makes the Round Levels indicator an important tool to be on your chart.
Indicator installation
Download Link
1. Download and unzip the archive to the MQL4 folder of the terminal;
2. Restart the terminal and run the indicator;
3. Allow import of DLLs.
The Round Level indicator is an MT4 forex trading tool that automatically identifies and displays round levels of price on the chart.
Round Levels, otherwise known as psychological levels are believed to be zones where big financial institutions like banks, hedge funds, etc. place their BUY/STOP orders.
These round levels are typified by multiple zeros which come after a decimal point.
In essence, round levels are round figures on a chart that are mostly respected by price action. They are potential turning points or support/resistance areas. These levels include 1.900, 1.200, etc.
The Round Level indicator is built to mark up the psychological (round) levels on a trading chart because they are somewhat difficult to find with the naked eye. This in turn takes away the eye strain of manually searching for such levels.
Round levels tend to be reliable support and resistance zones due to the activities of the big financial players around such levels. As a trader, you can also take advantage of these (round) levels for trade entries and exits.
The above image gives a visual illustration of how price reacted with the round levels.
Forex Trading With Round Levels
We’ve already established that round levels are key areas where you can open a BUY/SELL position, Take profit or set your Stop orders. And that the Round Levels indicator makes the above process hassle-free.
Note that the round levels are not just traded randomly as they are not always respected by price. After all, there’s no level on the chart that is always bound to be respected by price.
Therefore, round Levels are better used per price action. For better understanding, let’s put a few things into perspective.
How To BUY/SELL with the Round Levels indicator
The Round Levels indicator can be used with price action for better entries/exits. A high probability BUY setup can be spotted using a trend line, for instance. Trend Lines define the trend of a market, (in this case, a bullish trend).
Next is to identify a round level that is within the range of an established trend line that had previously acted as a support zone. With the above conditions, you may open a BUY position at the retest of the retest of the trend line. Such trade would most likely play out in your favor.
The same ideology is also valid for a good SELL setup. Please refer to the above chart (SELL Signal) for more clarity. Take Profit and Stop Loss can also be placed accordingly with the same principle.
Round Levels Indicator Settings
The indicator has a host of functions and settings that can be adjusted by users if the need arose. Here are some of the settings below:
Level quantity on screen – this shows the range of levels to be displayed.
Draw levels – this is used to select the precise level to be displayed on your chart.
Level labels – this option allows users to enable/disable the indicator from labeling round levels.
Level type – this option allows levels to be marked as a price.
Front size – this defines the size of the round level.
Figure/halves/quarter lines width – used to define the thickness of the numbers (whole number, half-number, and quarter number) levels.
Figures/halves/quarter lines type – used to enable whole number, half-number, and quarter number levels on your chart.
Color scheme – used to assign a color to the indicator.
Alert method – this option is used to enable/disable the round-number level alert.
Level type alert – this is used to define the type of level you want the indicator to alert you on.
Conclusion
The round levels of price hold great potentials for traders that know how to harness them. This makes the Round Levels indicator an important tool to be on your chart.
Indicator installation
Download Link
1. Download and unzip the archive to the MQL4 folder of the terminal;
2. Restart the terminal and run the indicator;
3. Allow import of DLLs.