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Highly Customizable Indicator to Trade Round Numbers

March 18, 2020 by

Trading off round numbers is a rather popular technique in Forex and other financial markets. Although round price levels rarely hold any meaningful fundamental value, they provide solid psychological points of reference to human traders. This makes them quite effective when trading psychology-dominated markets. That is why, today I would like to present another free indicator for MT4 and MT5 trading platform — Round Levels.

It is a simple yet powerful indicator that lets you draw lines and zones around the round number prices/rates on the chart. You can use a number of input parameters to customize the functioning and looks of this indicator:

Round Levels Indicator - Input Parameters

It isn’t a trading signal indicator by itself, but it can be combined with your current trading system to offer support and resistance levels for determining proper stop-loss or take-profit placement. It will also be appreciated by price action traders who don’t shun using at least some technical indicators with their charts. Here you can see a demonstration of the Round Levels indicator with on the chart of the EUR/GBP currency pair:

Demonstration of Round Number Levels Indicator on EUR/GBP @ H1 Chart in MetaTrader 5

You can get the code of the MT5 and MT4 versions or read more info about this round levels indicator.

If you find any bugs in this price action indicator for MetaTrader or if you have some feature suggestions, please use the commentary form below.

4 Responses to “Highly Customizable Indicator to Trade Round Numbers”

  1. FxJam

    The lines of the indicator can be used as support and resistance levels, where traders can open their positions. The post is very helpful and precisely described.

    Reply

  2. AntonioWhity

    Yo everybody, I am very much glad find on this resource! Isolation very enrage… Old fun – forum>)

    Reply

  3. roger styles

    Can it send notifications

    Reply

    Andriy Moraru Reply:

    No, it doesn’t have alerts. But you can easily set price alerts using MetaTrader’s Alerts tab.

    Reply

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