Grid Round Numbers Indicator
The Grid Round Numbers indicator for MT4 draws a grid at round numbers on the chart thus, making these numbers visible on the chart.
Market makers, banks, hedge funds and other big players have the greatest impact in the forex market. These entities place the highest volume or lot size, thus greatly influencing the movement of the market. Their open trades are also placed strategically by placing pending and stop orders on prices with a rounded number.
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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