The Grid Round Numbers forex indicator MT4 creates a grid on the mt4 chart with round numbers. This forex indicator makes these numbers, which can be very difficult to track, visible on the chart.
What is the purpose and working of the forex round grid number indicator MT4?
The biggest players are forex market makers, banks, hedge funds, and other significant players. These entities place the highest volume or trade lot size, greatly influencing forex market movement. Their open market trades are strategically placed, with pending stop orders on prices with rounded numbers.
These big market players’ rounded numbers are the primary key, psychological prices. These figures are represented on the mt4 chart as a price ending in.00. As a result, forex traders who like to open trade with the big market players in the forex trading market keep an eye out for these chart prices. The Grid Round Numbers forex indicator highlights this round number on the mt4 chart, making it easier for traders to identify.
All ground numbers on the EUR/USD D1 chart above were on the price icon. From top to bottom, the numbers are 1.03000, 1.0400, 1.0200, 1.0100, 0.98000, 0.75000, and 0.70000. The difference between the two rounded prices is 50 pips. As a result, this forex indicator places all rounded numbers at the same chart pip distance from each other.
These rounded numbers can represent all-time chart highs or lows and locations where the price has stalled more than two times. As a result, they can act as critical chart support and resistance levels where the price can delay and eventually reversed. Furthermore, these rounded numbers can serve as minor chart support and resistance levels in lower time frames.
How to Trade with a round grid indicator?
The Grid Round Numbers indicator MT4 does not give any signals.
To create a complete trading system solution, you’ll need to combine the Round Numbers indicator with other MT4 Forex indicators. For example, you could use this MT4 scalping indicator for short-term trading.
Use this indicator with the Channels Trading Signals Forex MT4 indicator for day trading and swing trading currency pairs. Traders who used the Channels Trading Signal indicator for Metatrader 4 reported positive results.
The Grid Round Numbers forex indicator MT4 draws a grid on the chart at round numbers, making these numbers visible. You can use these figures to enter or exit a trade. The forex indicator is most effective in all market conditions and with all types of traders. We should use this indicator in conjunction with other MT4 indicators for the best results.