Configuring Round-Number Support and Resistance Zones
Summary
The Round Levels indicator draws configured zones around round-number price levels above and below the current market price. The user sets how many levels appear in each direction, the spacing between levels, and each zone’s width. Optional settings control zone colors, whether zones are inverted, and whether they appear behind the price chart. The indicator can also draw level lines and labels.
The description frames round numbers as possible psychological support and resistance areas, and includes an option to alert when Bid enters a configured zone. Alerts may be delivered as popups, push notifications, or email, with a setting for the delay between consecutive alerts. These are display and notification features; the document provides no evidence that round levels reliably act as support or resistance, nor does it describe a tested entry or exit strategy. The spacing and zone width are configurable in points, so their suitability depends on the instrument and market context.
Key ideas
- The indicator displays configurable round-number zones above and below current price.
- Users can set the number of levels, their spacing, and the width of each zone.
- Optional chart lines, labels, colors, and background placement customize the display.
- Alerts can notify users when Bid enters a configured zone.
- The document provides no testing evidence that round levels predict reversals.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.