Key Levels indicator
Technical analysis has the term round levels. And many traders successfully use them in the process of making trading decisions. For first-time adopters, I’ll explain. Round are price levels that end with three zeros. It’s for a five-digit. For example, 1.13000 or 1.14000. But there are also additional round levels: 1,13500 or 14500. Values such as 1,13200 and 1,138,300 can also be assigned to this category of levels. They are no longer so important, but they can also be used for certain purposes. I will explain how round levels can be used in my trading below. And to begin with, I would like to bring to your attention the the indicator of round levels Key Levels. It will help the trader to build them and will not miss a single significant level.
Inset and Parameters of the Indicator
Install Key Levels into MT4 trading terminal according to the standard scheme. I described it in detail in “Shpargalka”.
What concerns the parameters, they are very few.
As you can see, most of the
settings refers to the visual display (level color).
But there are two parameters,
that can be turned on or off. This is Show 00 50 Levels and Show 20 80 Levels.
So you’re not interested in levels that end at 000 and 500, so
this function can be turned off. Accordingly, if you don’t need levels that
end in 200 and 800, they can be abandoned by
of the corresponding parameter.
In the price chart of the currency pair the indicator of round levels Key Levels looks like this:
Using round levels in trading
If you already know
By applying support/resistance levels, you can easily cope with rounded
levels. Same principle. Trading transactions are opened for breakdowns and breakdowns.
Particular attention should be paid to situations where strong levels of support
or resistances almost coincide with round levels.
Some beginner traders
place feet and take-profits on round levels. But I wouldn’t recommend it
to do, because it is known that large market makers intentionally knock them out.
Therefore, experienced traders do not tend to put SL and TP near round levels.
Nowever it seems
simplicity of using this analysis tool, you still need to get
some skills in working with them. And you can do it with a demo account.
If you are interested in this indicator, you can download the archive with its files at the link below: