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.
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.
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.
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.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.