Best Free Trading Indicator to Find Psychological Support/Resistance Levels on Forex Market (TradingView)
- VasilyTrader
- 1 day ago
- 2 min read
This free trading indicator will find every significant psychological level on any forex pair that you trade.
In this article, I will show you how to set it up properly and how to use it on TradingView.
Importance of Psychological Levels
First, in brief, let me explain to you what is a psychological level.
Psychological level is a round numbers based level.
On a EURUSD pair, 1.6 level will be a great example of a psychological level.
You can see that this level is round number based and historically significant. The price respected that multiple times in the recent past.
Because of various human basis, such levels can be extremely important. Strong price movements and reactions may initiate from them.
Good news is that there is a technical indicator that will help you find these levels easily.
How to Add Indicator on TradingView
Let me show you how to set it up on TradingView.
It is called "Round Numbers and Quarter Levels" by bluebeirdit.
You can find it in the indicator window on TradingView by searching "Round Numbers".
Once you click on that, it will start working immediately.
Settings
Opening the settings, it suggests a display of psychological levels based on:
whole numbers,
50 or half numbers,
quarter numbers.
For trading forex, I suggest paying attention only to whole number based levels.
So we will remove all others.
To hide them, I propose changing their opacity and making it 0.
The last thing that you need to do in the settings, you should
increase the number of lines above/below.
Example
Here is how this indicator plots significant psychological levels on EURGBP forex pair.
We see 0.85, 0.86, 087 psychological support/resistance levels.
Next time when you execute a support and resistance, key levels analysis on any forex pair on TradingView, use this indicator to find psychological levels.
It will make your structure analysis more complete and will help you to make more accurate predictions.
