Round-Level Indicator for Nearby Forex Support and Resistance
Summary
This short indicator description introduces round price levels as possible support or resistance. It gives EUR/USD examples at prices ending in two zeroes after the decimal point and describes an indicator that displays the two nearest such levels above the current price and the two nearest below it.
The note identifies the indicator’s original implementation as an MQL4 publication from 2008. It offers no trading rules for acting on the displayed levels, no empirical evidence that round prices reliably behave as support or resistance, and no performance results. The levels should therefore be understood as a charting aid based on a commonly watched price convention, not as a validated forecasting method. The description is specific to the indicator’s display behavior and does not explain configuration options or how it handles instruments with different price formats.
Key ideas
- The indicator marks nearby prices whose quoted values end in two zeroes.
- It displays two qualifying levels above and two below the current price.
- Round prices are presented as possible support or resistance, without empirical validation in the document.
- The description traces the indicator to an MQL4 implementation published in 2008.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.