Round Levels MetaTrader indicator | FREE Forex Trading Indicator
Round Levels MetaTrader indicator —
an MT4/MT5 indicator that, depending on your settings, can display round levels and zones near them.
Trading off the natural psychological support and resistance zones can be beneficial.
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- 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.
As you can see, the indicator is useful not only for Forex pairs but also for stock market CFDs. The Round Levels indicator is shown with inverted zones and DrawLines enabled. In this share’s market, psychological round levels of $50 each play a critical role.
Downloads (ver. 1.01, 2020-07-15)
Round Levels indicator is also being developed via a dedicated GitHub repository. You are encouraged to actively participate in the improvement of this indicator by submitting your own features via pull-requests and reviewing existing suggestions, changes, fixes, and so on.
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