Using Round-Number Zones as Support and Resistance

Summary

The document describes a MetaTrader indicator that plots configurable round-number price levels and surrounding zones above and below the current price. It frames these zones as possible psychological support or resistance areas and can alert users when the bid enters one. Traders can set how many levels appear in each direction, the point spacing between levels, and the zone width. Optional chart lines, labels, color choices, background placement, and inverted zone display control how the indicator presents the levels.

Alerts can be configured as popups, app notifications, or email, with a delay between repeated alerts. The document explains the indicator’s settings but provides no evidence that round levels predict price behavior, no rules for entering or exiting trades, and no backtest results. These plotted areas should therefore be understood as reference points for analysis rather than validated signals. The spacing and zone width are expressed in points, so suitable settings depend on the instrument and the trader’s chart context.

Key ideas

• The indicator displays round-number levels and configurable price zones around them.
• The zones are intended as possible psychological support or resistance references.
• Users can adjust level spacing, zone width, display style, and the number of levels shown.
• Price-entry alerts can use popup, app, or email notifications with a configurable delay.
• The document provides no performance evidence or rules for trading the plotted zones.

Tags

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