Fundamental Key Levels
I am sure you have noticed such a feature as setting the Stop Loss or Take Profit level at the round levels, for example 1.3500, a round number that determines the beginning of a new “candle” - numbers that end in two or three zeros are called round numbers. On daily trading periods, approaching support or resistance levels, as a rule, does not cause a pullback or rally, as traders have to be more demanding in choosing such levels and often the levels indicated by round numbers are used for this.
Why are these fundamental key levels so important, you may ask? The fact is that traders ranging from private investors to hedge funds, pension funds and large corporate players often place entry, exit and stop orders near "round" price levels, which leads to the appearance of support and resistance around them.
With this Fundamental Key Level app it will help better visualize double zeroes and fifties on the chart and set support and resistance at optimum levels.
Settings Input Parameters
Increments: This is where to set parameters for double zeroes or fifties. Lets say for EUR/USD for one hour chart to see double zeros set .01 or .005 for fifties and for USD/JPY set to 1 for double zeroes and .05 for fifties.
Max Price Level: Set the highest level for the price.
Min Price Level: Set the lowest level for the price.
Line Color: Set the color of the line for levels. Original is Silver.
Line Style: Set the style of the line for levels.
Line Width: Set the thickness of the line.
Hide Prices: Hide price labels from chart.
Unlock lines to move: Highlight lines to move with a mouse.
Hide from object list: Hide levels from Objects List to keep it clean and organized. Set it true if needs to change parameter of a level.