Key Levels + Zones (Demo Version)
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Highlight even numbered price levels
Indicator clearly displays the even numbered price levels: “00s” and “50s”.
And displays “Mid-Lines” which are preset pips on each side of the even numbered price levels (set to 12.5 pips by default).
Renders “Risk Zone” of Support/Resistance:
- The 25-pip zone that straddles even numbered price relates to where many traders place their stops, and therefore can be a “Risk Zone” to steer clear of when placing your stops.
- The zones act as Support and Resistance.
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What are Psychological Levels and How Do They Work?
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“Psychological levels are market price levels which are often key levels in forex denoted by round numbers. These round numbers frequently act as levels of support and/or resistance.”
Traders will often call these whole number intervals ‘double-zeros’ (00‘s), as these prices are at even numbers such as 1.31000 on EUR/USD, 1.57000 on GBP/USD or 132.00 on GBP/JPY.
Some traders will take this a step further by looking at the number directly in the middle of these whole numbers or ‘the fifties’ (50‘s). These levels, such as 1.31500 on EUR/USD or 131.50 on GBP/JPY can often come into play in the same manner as the ‘double-zeros.’
For more info on key levels, see dailyfx.com article:
Psychological Levels & Round Numbers in Forex Trading
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