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    cTrader Psychological Levels & Round Numbers


    Limited Support (Read Me)

    The cTrader psychological & round numbers indicator creates market price levels which are key levels in Forex expressed as round numbers and these numbers are the support & resistance areas. These areas are where you will find the highest trade activity.
    Type: cTrader Indicator
    Current version: 1.0.0
    Requires: Windows 10
    Published: 02 January 2021
    Page last updated: 13 April 2021

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    The cTrader Psychological Level indicator provides key levels which usually draw attention to Forex traders in the market, these psychological prices are attached to the human personality and their way of thinking. The ClickAlgo version of the Psychological level indicator also looks at the middle of the levels, known as the fifties.

     

    cTrader Psychological Levels 

     

    How Psychological Levels Work

    Most traders are drawn to whole numbers when placing their stop loss or take profit, this is usually seen as support as resistance levels which are created by many traders Psychological Thinking. These levels can alter order flow and price changes.

     

    Advantages

    The following are the advantages of using this type of indicator.

    • Displays key levels of support & resistance.
    • Easy to use for new traders.
    • It can be used for any symbol and in any market.

     

    Disadvantages

    The following are the disadvantages and limitations using this type of indicator.

    • The levels are never 100% reliable.
    • cannot be used alone, must be used with other technical indicators.

     

    Configurable Parameters Explained

    Your adjustable parameters are shown below with explanations of the less obvious ones. 

    • Set width: The distance the levels numbers are from the current symbol price.
    • Line width: The thickness of the level lines.
    • Display colour: The colour of the lines and numbers, default is for a black background.
    • Fifties colour: - The colour of the centre line and number.
    • Line style: The type of line style to be displayed.
     

    How To Install

    First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install onto the platform.

     

    Instant Chat Support

    If you want a speedy reply to your questions just post your questions on our Telegram chat group.