Mapping Major and Minor Round-Number Price Levels

Summary

This document explains an indicator that draws horizontal levels at round prices around the current close. Two configurable intervals define major and minor levels, expressed in points or pips and scaled using the instrument’s point size. A separate setting controls how many levels are drawn above and below price. The described calculation repeatedly rounds outward from the close to generate successive upper and lower levels, using different visual treatments for the two interval scales.

The document provides indicator code and parameter defaults, but no trading rules, market examples, or performance evidence. Round-number levels may help traders mark areas to watch, but the text does not establish that price will reverse, pause, or break at those levels. The levels’ usefulness depends on the instrument, parameter choices, and how a trader interprets them; the indicator itself does not specify entries, exits, or risk controls.

Key ideas

• The indicator plots price levels at two configurable round-number intervals.
• The point-size adjustment adapts the intervals to the instrument’s price scale.
• A line-count setting controls how many levels appear above and below the close.
• The document supplies no evidence that round-number levels predict market behavior.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.