Big Round Numbers Overview:
The Big Round Numbers indicator is a levels indicator that identifies important psychological price levels around round/whole numbers. This is extremely useful across global markets where each asset trades with different price to level ratios. The user can customize which levels to display and can also add a buffer zone around each level to reflect the fact that it is a range rather than a specific price point.
Levels Indicator Purpose:
Traders need the Big Round Numbers software because key areas of interest should not be ignored. The market tends to react to round numbers in price and this tool is an easy way to keep track of them.
Elements:
- Horizontal Line at Big Round Numbers in Price
- Customizable Intervals between Round Number Levels
- Intervals measured in Points, Ticks, or Pips
- Customizable Reference Base Price
- Optional Buffer Zones around each level
Functions:
The Big Round Numbers software is best used by learning the nature of the instruments that you trade in terms of what round numbers are considered significant. The next step is to set the Base Price and the Interval Size to match your findings. At that point it will always be very clear when price reaches one of these levels. Watching how price reacts will help you fine tune the use of this tool.
Problem Solved by levels indicators:
- Stops traders from getting confused by unexpected reversals
- Stops traders from missing important areas of interest
- Stops traders from missing out on reversal setups
- Stops traders from second guessing target placement
- Stops traders from second guessing stop placement
- Stops traders from missed fills by only a few ticks
