Round Levels Indicator
The Round Levels Indicator places key psychological level where the price may stall or reverse on the chart.
Thus, these levels are always watched out for by traders who love to trade with the big placers in the forex market. The Round Levels Indicator displays the four closest levels on the chart to make them easier for traders to see.
The foundation
The Round Levels Indicator places 4 key psychological levels where the price may stall or reverse on the chart. Psychological price levels are drawn on the chart as horizontal colored lines, as shown in the charts below.
The EUR/CAD M15 chart above shows the Round Level Indicator displaying the key levels or psychological prices. These levels are also key support and resistance levels where all traders watch out for.
From the chart above, once the price gets to this major support and resistance levels, the price stalls and reverse sharply with strong movement in price. This is an indication that market makers and financial institutions are placing a large volume of trades and pending orders at these levels. The Round Levels Indicator for MT5 can also be used to place stop-loss and take-profit when the price hits the level.
This indicator works perfectly in all market conditions and in all time frames. Scalpers, intraday, swing and position traders can all use this indicator for entry and exit of their buy and sell trades.
This indicator can be used solely. However, best results are achieved when incorporated with Fibonacci tools and market analysis and structure.
Conclusion
The Round levels indicator for MT5 is a powerful tool that helps traders identify psychological price level on the chart. These levels can be used to enter or exit a trading position. The indicator works best in all market conditions and for all kinds of traders. For best results, this indicator should be used with price action and Fibonacci tools.