Round Levels Indicator description and features

The RoundLevels indicator automatically draws round levels on the chart. They’re also called psychological levels.

Round levels are considered as levels equal to integer, half and quarter values. For example, these levels can be the following price numbers: 1.10000, 1.10500 and 1.10250, respectively.

As a rule, integer and half levels are considered the most important.

The example above shows that price quite often interacts with such round levels.

Noteworthy, a large number of orders for closing positions are often accumulated behind some round levels. These may be stop-losses, take-profits, as well as pending orders for new positions.

The importance of these levels lies in the following fact. If they are broken, some traders will have losses while others will make profits.

Look at the example above. It would be difficult for a trader to hold a trade when there is a cumulative profit made on an open sell trade from a resistance level. It is because the price clearly doesn’t want to go below the round level marked with an oval.

The weakness of the sellers is also signalled by the repeated appearance of the candles’ long shadows.

The same situations when the price actively interacts with the round levels are repeated quite often.

Exactly in these cases, this indicator helps with the analysis of the chart.

When the price approaches such levels, traders are put under serious emotional stress. No one wants to lose money but everyone wants to earn it.

For this reason, round levels are called psychological levels – the intensity of emotions next to them is extremely high.

How to Trade using the Round Levels Indicator 

The round levels indicator, like any other indicator, can be just an additional signal in your trading system.

Therefore, the best way to use it is to combine it with your main trading strategy.

There are only 2 phases of price movement – trend and flat. So let us consider the use of the indicator on the example of these market conditions.

Indicator usage for trend trading

As one of the most popular technical analysis tools, we will use the free AutoTrendLines indicator. It displays on the MT4 terminal chart an actual trend line.

The renewal of the lows, though not a strong one, is the first signal of possible interest in selling. This suggests that there are no willing buyers at such low prices.

As the price approaches the downtrend line and the round number price level, the growth wave is followed soon enough by a sharp decline wave.

At this point, you can open sales at the market price. Stop-loss should be set over the last price maximum.

Indicator usage for trading during a flat period

Same as in the case of a trend, using the round levels indicator in the flat movement is only an additional signal.

Support and resistance levels help us determine whether the market is in a flat state.

To display these levels, we will use the free SupportAndResistance indicator.

A brief flat is shown on the chart above.

Its lower boundary is a combination of the support zone and a strong round level. In addition, there are long candlesticks’ shadows, which indicates the interest of buyers.

Therefore this signal may be safely executed.

For this, you should buy after the breakdown of the level, from which the last down wave started. This level is marked with a red dotted line.

To be on the safe side, a stop loss should be set behind the support level and the round level. Likewise, the deal will not be knocked out by the candlesticks’ shadows, which happens quite often.

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The foundation

The Technical Analysis Forex Patterns Indicator for MT4 scans for all price patterns formed on any currency pairs in all the timeframes. This indicator displays all the chart patterns formed on the MT4, the timeframe the pattern was formed, and the time (ages) of the pattern formation. Thus, this indicator allows traders to have quick and accurate knowledge of all the patterns forming on all currency pairs and in all timeframes.

The diagram below shows the Chart Pattern Indicator on the MT4 chart.

From the USDCHF M30 chart above, the Price Pattern displayed the symbol, timeframe, direction, patterns, age, and the chart icon.

The symbol icon shows the currency pairs in which a particular chart pattern is formed after being scanned by this indicator. On the other hand, the timeframe icon shows the currency pairs’ timeframe in which a specific pattern is formed by this indicator. Furthermore, the direction icon shows the current direction of the currency pair while the ages icon displays the time this chart pattern was formed on the currency pair.

The Pattern icon displays the particular chart pattern formed on a particular currency pair in a particular timeframe. The pattern formed on the chart displayed by this indicator on the board could be:

• Double Top or Double Bottom pattern;
• The head and shoulder pattern;
• Reverse Head and Shoulder pattern;
• The Triple Top or Triple Bottom patterns;
• The Triangle patterns;
• Rising Wedge or Falling Wedge pattern.

The Chart Pattern Indicator helps traders view all the important price patterns formed on all currency pairs in all timeframes at a glance. This, this eliminates the stress of switching over one currency pair and timeframes to another. Furthermore, traders can easily know whether a price will continue or reverse since this indicator shows the direction of the pair. This indicator can also be used to know the accurate time to enter and exit the forex market.

The Chart Pattern Indicator works in all timeframes and for all currency pairs. Furthermore, it can be used in all market conditions and suit all trading styles. This indicator is best for scalping, day trading (intraday), swing trading and long-term (position) trading.

Conclusion

The Chart Pattern Indicator for MT4 displays all the price patterns formed on all currency pairs in all timeframes at a glance. This indicator works in all timeframes and for all currency pairs. This indicator can be used in all market conditions and suit all trading styles. Traders can adjust this indicator in the indicator settings to suit their trading systems.

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The Foundation Advanced Trendlines Indicator

The Advanced Trendlines Indicator for MT4 identifies all trends and accurately places connecting trendlines automatically in the chart. This indicator places trendlines by connecting two or more highs or lows together. The trendlines connecting two or more highs are indicated as red trendlines. Moreover, the trendlines connecting two or more lows together are displayed in a deep sky-blue color as seen in the diagram below.

From the NZD/USD daily chart above, the Advanced Trendlines Indicator automatically identifies several trends forming. These trends were indicated by various trendlines on the chart. The red lines connect a high to new higher highs or a high to new lower highs. Connecting a high to a higher high by this indicator shows the market is in an uptrend.

Consequently, connecting a high to new lower highs means the market is in a downtrend.

Furthermore, the deep sky-blue lines connect a low to another higher low or a low to new lower lows. Connecting a low to new higher lows by this indicator shows the market is in an uptrend. However, connecting a low to new lower lows means the market is in a downtrend.

Other than showing the forming trends on the chart, this indicator also makes it easier to identify chart patterns. These charts patterns are rising and falling wedges, ascending and descending triangles, symmetrical triangles, pennants, and so on.

The Advanced Trendlines Indicator can be a useful tool for new and professional traders. New traders can use this indicator as a guide to placing trendlines and to placing good trades.

Advanced traders on the other hand can use this indicator to confirm their analysis and be aware of the new forming trend.

The Advanced Trendlines Indicator works in all timeframes. However, it should be noted that trends on a higher timeframe hold stronger than on a shorter one. This indicator will give best results when used with price action analysis and Japanese candlestick understanding.

Conclusion

The Advanced Trendlines Indicator for MT4 is a useful tool that automatically place trendlines accurately. This indicator is a good tool to identify forming trend and chart patterns.

The indicator works in all timeframes; however, higher timeframes give the best trend formation. This indicator works best when used with price action and Japanese candlestick analysis.

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The fact that different time-frames have different market overview and trends means smart traders need to monitor the chart in each time-frame. Having an overview of different time-frames of a simple currency pair on the same chart can be achieved using the Multi Time Frame Indicator.

The Foundation Multi Time Frame Indicator

The Multi Time Frame Indicator (MTF) for MT4 gives a deeper insight on the forex market by displaying 3 different time-frames of a single currency pair on the same chart. These 3 time-frames are displayed on the indicator window of the chart. This indicator displays the timeframe bars from higher time-frames to the lowest time-frames. These 3 time-frames displayed are the weekly timeframe (W1), daily timeframe (D1) and 4-hours (H4) time-frame respectively.

The diagram below shows how the Multi Timeframe is displayed on the MT4 chart.

From the EUR/USD H1 chart above, the Multi Time Frame displays from the left, the charts of the weekly, daily and H4 time-frames respectively. Using this indicator allows traders to make a decision whether to go long or short in the forex market. This is because of this indicator:

1. Give different perspectives and views of a currency pair in the three time-frames;
2. Allow traders to know what other market participants are thinking;
3. Enable traders to spot trend changes earlier;
4. Help to confirm the trend change in a higher time-frame;
5. Enable traders to spot upcoming support or resistance areas;
6. Enable traders to see the small, the medium, and the big picture of a particular currency pair.

Furthermore, this indicator can help traders to enter or exit trade as early as possible. In the forex market, the higher the time-frames, the more importance the time-frames need to be given. Thus, market analysis should begin from the higher time-frames to the lower time-frames before traders can decide to buy or sell.

The weekly time-frame displayed by this indicator is the main time-frame used to determine the main trend. This time-frame shows the bigger picture of the market. The trend in this time-frame takes time to build up, thus, giving it the most priority.

Also, the daily time-frame displayed by this indicator is the medium or intermediate time-frame. This indicator is used to determine the break in market structure as well as the entry and the exit point.

Finally, the H4 time-frame displayed by this indicator is the primary time-frame used for confirmation to enter or exit a position.

The diagram below gives a quick overview on how to use the Multi Time Frame Indicator for MT4 to make an entry decision.

From the EUR/USD D1 chart above, the weekly time-frame is clearly in an uptrend, indicated by the bullish momentum. Also, on the daily time-frame, the current two candles are bullish. And finally, on the H4 chart, the bullish momentum is gaining. This is a signal that forex traders can enter a buy position.

This indicator can be used by all types of traders: scalpers, intraday traders, swing traders and position traders. Furthermore, scalpers can adjust this indicator to suit their preferred time-frames which are the M30, M5, and M1 or M30, M15 and M1. In addition to this, intraday traders can also adjust this indicator to H4, H1 and M15 time-frames or D1, H4 and H1 time-frames.

Swing traders can adjust this indicator to the W1, D1 and H4 time-frames. Finally, position traders can adjust this indicator to MN, W1 and D1 time-frames.

Conclusion

The Multi Timeframe Indicator for MT4 gives traders the overall insight of the market structure by displaying the main, intermediate and primary time-frames respectively. This indicator can be used by all traders and can be adjusted in the indicator settings to suit traders’ time-frames priorities.

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Using this indicator for multiple timeframes can give valuable information about the market long-term and short-time conditions. The long-term overview can give key information on the trend directions and strength. The short-term overview, on the other hand, can give valuable information on the entry and exit position. The Commodity Channel Index value for all timeframes can be seen at the same time on the forex chart by using the All CCI Indicator for MT4.

The Foundation All CCI Indicator

All CCI Indicator for MT4 gives the market conditions of a currency pairs in all the timeframes at a glance. This Indicator displays the CCI chart of the monthly, weekly, daily, hourly, and minutes timeframes all on the chart as seen in the diagram below.

From the AUD/USD daily chart above, the All CCI Indicator for MT4 displays the Commodity Channel Index for all timeframes. This indicator displays the AUD/USD CCI from the monthly timeframe (left) to the 15-minute timeframe (right).

The Indicator has 3 levels; the +100, 0, and -100 levels. The market condition is in the oversold level when the value of the CCI is below -100 levels. This means that traders can look for a buy trade or long position when the CCI is below the -100 levels. Consequently, the market conditions become overbought when the CCI value is above the +100 levels.

Traders can then look for a sell entry or short position when the CCI value is above +100 levels.

Using the Indicator can help traders avoid a lot of false signals accompanied with using only on timeframe for analysis. With this indicator, traders can analyze the market trend, direction, and strength from the highest timeframe to the lowest. The Commodity Channel Index values for higher timeframes can be used to determine the major trend (upward or downward). The CCI values short time frames can then be used for entry and exit points as appropriate.

Using this indicator gives less false signals and helps filter for the best trades. Furthermore, this indicator works well in all the forex market conditions. Using the All CCI Indicator suits all trading styles and can be used by scalpers, day/intraday traders, swing traders and position traders. Traders can use this indicator solely for technical analysis or can incorporate it with other technical indicators.

Conclusion

The All CCI Indicator for MT4 displays a currency pairs’ all the Commodity Channel Index value for all timeframe. This helps traders make accurate analysis from the longer timeframe to the shorter timeframe. This indicator can be used in all market conditions and suit all trading styles. Traders can adjust this indicator in the indicator settings to best suit their trading styles.

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The foundation Bheurekso Pattern Indicator

The Bheurekso Pattern Indicator for MT4 helps traders automatically identify every candlestick pattern that formed on the chart. This indicator scans all candles, recognizes and then displays any candle patterns formed on the chart. The candle displayed can be Bullish or Bearish Engulfing, Bullish or Bearish Harami, and so on.

The Bheurekso Pattern Indicator does not only display the chart pattern but also shows the support and resistance levels. These levels are shown with horizontal lines on the MT4 chart. This indicator also gives possible reversal signals and thus, an entry point (buy and sell entry).

The diagram below is an overview of the Bheurekso Pattern Indicator on the MT4 chart.

In the NZD/USD D1 chart, above, the Bheurekso Pattern Indicator displays the pattens formed, the support and resistance levels and the entry points. This indicator is the best tool for pure price action analysis. It gives the broader and detailed picture of market structure and behavior. This indicator works perfectly in all timeframes and in all market conditions.

Traders can use the Bheurekso Pattern Indicator solely to make a trading decision. Other indicators like MACD can also be used for more trading confirmation. Traders who will use this indicator must have full understanding of Japanese candlestick patterns to understand the scope of this indicator. For example, The Bullish Engulfing pattern is a two-candlestick reversal pattern that signals a strong upside move may be coming. On the other hand, the Bearish Engulfing pattern signals a strong move down is imminent.

Conclusion

The Bheurekso Pattern Indicator for MT4 automatically recognizes all candlestick patterns and display them on the chart. This indicator also indicates support and resistance level as well as the best entry point. The indicator works in all market conditions and all timeframes.
Prior knowledge of Japanese candlestick anatomy will be encouraged before using this Indicator. Finally, this Indicator can be used along with any other technical indicators.

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The foundation Bank Level Indicator

The bank Level Indicator for MT4 draws key levels on the MT4 chart. These levels can be all-time highs or low, rounded numbers or places where the price stalls on many occasions.

Traders closely watch out when the market price reaches these levels to see if there will be a price reversal or continuation.

The diagram below shows how the Bank Level Indicator is displayed on the MT4 chart.

The AUD/USD H1 chart above shows the various bank levels displayed by this indicator. These levels contain the current day levels and the next day levels. The current day levels are drawn in green color by the Bank Level Indicator. Consequently, the next-day bank levels are drawn in the lime color.

The bank levels drawn by the Bank Levels Indicator can serve as key support and resistance zones, pivot point, and even dynamic support and resistance lines. Thus, these levels are good for trend following and reversal trading strategy. This indicator is particularly useful for short-term trading. Intraday traders and scalpers will find this indicator valuable while trading.

To trade using this indicator, traders should watch when the price is exactly at these levels. When the price gets to these levels and stalls, this is a signal that a reversal is imminent. When the price stalls at these levels, traders should watch out for reversal patterns such as doji, hammer, spinning top pin bar, and so on, as a confirmatory entry (buy or sell) signal.

Consequently, when the price reaches this level and a candle pierce this level strongly, traders should watch out for a breakout trade. Apparently, traders should wait for the price to retest this level, and wait for a confirmation candle before placing orders.

The Bank Levels Indicator for MT4 can be used solely; however, traders can also incorporate other technical indicators with it to give the best result. Other indicators that can be incorporated are the Grid Round Number Indicator, Round Level Indicator, Fibonacci Retracement, and Pivot Point.

Conclusion

The Bank Level Indicator for MT4 draws key bank levels on the MT4 chart. This indicator is more suited for short-term trading. The Bank Levels Indicator can be used solely, but will give the best result when used with other technical indicators such as the Grid Round Number Indicator, Round Level Indicator, Fibonacci Retracement, and Pivot Point.

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The foundation

The Candlestick Patterns Indicator for MT4 helps traders to scan all currency pairs in all the time frames. This indicator looks for a strong reversal pattern that can signal for trade entry or exit.

The diagram below shows the Price Action Indicator on the MT4 chart.

From the EUR/USD H4 chart above, the Candlestick Patterns Scanner Indicator displayed the symbol, timeframe, direction, patterns, age, completion and the chart icon.

The symbol icon shows all the currency pairs that are being scanned by this indicator. The timeframe icon, on the other hand, shows the currency pairs’ timeframe being scanned by this indicator. Furthermore, the Direction icon shows the current direction of the currency pair.

The pattern icon displays recent Japanese candlestick patterns form in specific currency pairs. The patterns displayed by this indicator are the Double Bar High Lower close, Double Bar Low Higher close, Pin Bar, Vertical Bar and Horizontal Bar.

Finally, the age and completion icon shows the time and the price the candle closes respectively.

The Price Action Indicator helps traders view all the important price action on all currency pairs in all time frames at a glance. This, this eliminates the stress of switching over one currency pair and time-frames to another.

This indicator works in all time frames and for all currency pairs. Scalpers and intraday traders will particularly find this indicator very useful. This is because they need to keep watch of the market every time to make quick entry and exit. Also, it works in all market conditions and can be used to spot likely entry and exits.

Finally, this indicator can be used solely but will give best results when used with market structure and analysis along with some signal indicators.

Conclusion

The Price Action Indicator for MT4 gives traders price action insight on all currency pairs in different timeframes. This is done by scanning all currency pairs to check for any strong reversal patterns

The Indicator works in all timeframes. This Indicator is particularly useful to scalpers and intraday traders who watch the market to look for accurate signals to enter a buy or sell trade. For best result, this indicator should be used together with market analysis and structure.

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Different traders use different moving averages and different periods for different crossovers. The periods of the moving average used depends on whether the trader is a short or long-term trader. The use of moving average crossover is better simplified by using Profit Indicator.

The foundation

The Profit Indicator for MT4 is used to spot a good trading signal easily. Moreover, this indicator is used to exit the market at the right time. The indicator uses the fast Simple Moving Averages (9 SMA), and the slow Simple Moving Average (45 SMA) crossover to spot good trading signals as seen in the diagram below.

From the EUR/USD daily timeframe above, the indicator displays the yellow signal line, the zero level, and the main green (red) signal line.

The yellow line is the slow 45 Simple Moving Average (45 SMA). The red and green lines on the other hand are the fast 9 Simple Moving Average. When the 9-SMA line crosses above the zero level, the line changes color from red to green. On the other hand, when the 9-SMA line crosses below the zero level, the line changes from green to red.

The Profit Indicator can be used to identify the direction the price might be trending, signal for a potential entry point for a trend trade, as well as when a trend is reversing or ending. The profit indicator for MT4 works for all currency pairs and in all time frames. However, higher time-fames gives less false signals. Furthermore, this indicator can be used solely or as an additional confirmation for entries and exits.

The Profit Indicator is only suitable for trend trading. It is not advisable to use this indicator in a ranging market. This is because traders will often get whipsawed if this indicator is used in a sideways market.

How to use the Profit Indicator to trade

Traders can enter a buy-entry signal when the main signal line is green and crosses just above the yellow line of the indicator. Furthermore, a sell entry signal may be entered when the main signal line is red and crosses just below the yellow line of the indicator.

Conclusion

The Profit Indicator for MT4 uses the 9 and 45 SMA periods to spot good trading signals. This indicator is so simple to use and works for all the currency pairs. This indicator also works in all time frames. The profit indicator is only suitable for trend trading; hence, range traders should avoid using this indicator. Traders can adjust the moving average periods in the indicator settings to suit their trading condition. For best result, the Profit Indicator should be used along with price action and other indicators.

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The rounded numbers used by these big players are key prices called the psychological prices. These numbers are recognized on the chart as a price ending in .00. Thus, these prices are always watched out for by traders who love to trade with the big players in the forex market. The Grid Round Numbers indicator makes this round number visible on the chart to help traders identify them with ease.

The foundation

The Grid Round Numbers indicator for MT4 draws a grid at round numbers on the chart. This indicator makes these numbers which can be hard to keep an eye on, visible on the chart.

The diagram below shows the round numbers’ prices displayed by the Grid Round Numbers indicator on the chart.

From the EUR/JPY H4 chart above, all the ground numbers on the chart were displayed on the price icon. These numbers from the top are 133.500, 133.000, 132.500, 132.000, 131.500, 131.000, 130.500, 130.000 and 129.500. The distance between one rounded price and the next is 50 pips. Thus, all the rounded numbers are placed at the same pip distance from each other by this indicator.

These rounded numbers can be all-time highs or low or places where the price stalls for more than two times. Therefore, they can serve as key support and resistance levels where the price could stall and eventually reverse. In addition to this, these rounded numbers can also act as a minor support and resistance levels on the lower time frames.

These rounded numbers can also be used to place stop-loss and for determining where to take partial and total profit.

How to use the Grid Round Numbers indicator

The diagram below shows how to use this indicator effectively.

From the AUD/USD chart above, the major support and resistance zones are found at 0.73000 and 0.76000 respectively. Also, the minor support/resistance zones are found at 0.75000 and 0.74000.

Once the price gets to the major resistance zone found at 0.76000, large volumes of sell orders are triggered with the buyers also taking their total profits. Consequently, when the market price gets to the major support zone found at 0.73000, large volumes of buy orders are triggered with the sellers taking their profits.

The minor support or resistance found at 0.75000 and 0.74000 are zones where buyers and sellers take partial profits to lock in some pips.

This indicator is visible in all time frames and works well in all market conditions. 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 Grid Round Numbers indicator for MT4 draws a grid at round numbers on the chart, thus, making these numbers visible on the chart. These numbers 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.

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