Round Levels indicator is a MT4/MT5 indicator that displays round levels and zones near them based on your configuration. It can be useful to trade off the natural psychological support and resistance zones.
Levels (default = 5) — the number of round levels to process in each direction (up and down).
Interval (default = 50) — the interval in points between round levels. For example, the default value of 50 means that a level will be drawn each 50 points.
ZoneWidth (default = 10) — the width of the zone in points.
ColorUp (default = clrFireBrick) — the color of the round level zones that will be drawn above the current price.
ColorDn (default = clrDarkGreen) — the color of the round level zones that will be drawn below the current price.
InvertZones (default = false) — inverted zones are highlighted with the colors outside the zone boundaries vs. inside in non-inverted zones.
DrawLines (default = false) — if true lines will be drawn at round levels in addition to zones.
LineColor (default = clrDarkGray) — the color of the round level lines.
LineWidth (default = 1) — the width of the round level lines.
LineStyle (default = STYLE_DASHDOT) — the style of the round level lines.
ObjectPrefix (default = "RoundLevels") — the prefix to add to the chart object names. Only change this if there are conflicts with some other indicators on the chart.
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How to trade with Round Levels
As you can see, the indicator is applicable not only to the Forex pairs but also to stock market CFDs. The image shows the Round Levels indicator with inverted zones and with DrawLines turned on. Psychological round levels of $50 each play crucial role in this share's market.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Round Levels” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.
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