Author: Me
If you're trading, you know how crucial it is to keep an eye on those psychological price levels. That's where the Double-Zero Indicator comes into play! It's a nifty tool designed to highlight these important levels in the markets, which can often lead to unusual trading behavior. Think about it: Gold at $1,000 or EUR/USD at 1.4000 – these numbers can really get traders' attention!
This indicator is straightforward. It shows the nearest psychological level relative to the current price. Just a heads-up: if you scroll back on your chart, you’ll notice it only displays the most recent level, but don’t worry—an improved version now also keeps track of past levels.
How It Works:
- There’s just one parameter to tweak:
extern int relDigitPos=2; // position of the relevant digit.
// example1: a setting of "2" in a market at 1.2312 (using 4 digits) will show 1.2300
// example2: a setting of "3" in a market at 1.23125 (using 5 digits) will show 1.23100
// example3: a setting of "1" in a market at 1.23125 (using 5 digits) will show 1.20000
// example4: a setting of "-1" in a market at 123.15 (using 2 digits) will show 120.00
Example Visualization:
Indicating 0.5800 as nearest psychological level
While I've tested this indicator, remember to use it at your own risk. Feel free to tinker with it or make any adjustments that suit your trading style!
Sometimes, the simplest strategies are the ones that yield the best results. Happy trading!
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