What is the Round Levels Indicator for MT4?
The Round Levels Indicator (RLI) is a technical indicator used to indicate the market’s attitude toward a particular currency. It consists of two layers, which are updated by each other:
– The first layer shows the number of rounds bottomed out over the past 24 hours. This suggests that buyers are firmly in control and may be ready to push the price higher if conditions improve.
– The second layer reflects how many rounds have been completed since I was created. This indicates how long it will take for sellers to regain control and drive prices down again.
How to use the Round Levels Indicator for MT4?
To set up the indicator, open your MT4 platform account and click on the arrows in your screen’s top left corner. Then, under “Indicators,” select “Round Level” from the list. Next, choose between Metatrader 4 (MT4) or Microsoft Excel options and enter values for both rounds (50% & 100%). You can customize how often each level will update by clicking on its icon and selecting from among the Daily, Weekly, Monthly, or Yearly options. Finally, hit OK to save your settings and start using the indicator!
Round Levels Indicator MT4 trading settings
There are a few forex trading settings that you should consider when using the Forex Round Levels Indicator (FLI). These include:
-Trading frequency: You can use the FLI as a confirming or rejecting tool, depending on how often you want to check price levels. For example, if you expect strong resistance at 1.3458 and 1.3500, then it might be good to use the FLI more frequently to confirm those levels before taking trades. On the other hand, if you expect prices to break through these levels soon anyway, then it’s okay to use the FLI less frequently. It depends on your strategy and goals for this particular trade, so deciding what frequency works best for you is essential.
-Zone width: This setting determines how wide each zone will be relative to its surroundings for the indicator To work correctly. The wider zones indicate stronger bullish signals, while narrower zones indicate weaker ones.
-Interpretation time delay: This parameter controls how long it takes for the indicator message box (IMB) located below Flicker mode bars – with green and red color borders -to update after making changes to its settings. -Default settings: If you leave the setting at its default value (0), the FLI will use your current MT4 account’s Round Levels data.
Round levels indicator mt4 trading settings Trading frequency: You can use the Forex Round Levels Indicator (FLI) as a confirming or rejecting tool, depending on how often you want to check price levels.
Round Levels Indicator Advantages
The Forex Round Levels Indicator (FLI) is a popular technical indicator used in forex trading. What are the advantages of using FLI? Here are four reasons why traders find it useful:
1. It allows you to identify trends’ potential turning points and reversals.
2. The FLI can help you determine when to enter or exit a trade based on its signals.
3. It helps you stay disciplined during volatile markets by providing consistent directional signals throughout your trading session.
4. The FLI visualizes your profitable trades, which can boost your confidence and improve your overall performance.
Round Levels Indicator Disadvantages
There are several disadvantages to using the forex Round Levels indicator. First and foremost, it needs to be more accurate than other trading indicators. Second, it takes a lot of time to set up correctly. Finally, this particular indicator can be easily exploited by market manipulation techniques. You should look elsewhere if you’re looking for an easy-to-use trade strategy that won’t require much effort.”
RL Indicator installation on MT4
To install the Round Levels Indicator on the MetaTrader 4 (MT4) platform, you will need to follow these steps:
- Download the indicator file in the .ex4 format.
- Open the MT4 platform and go to the “File” menu at the top of the screen.
- Select “Open Data Folder” to open the folder where the platform’s files are stored.
- Open the “MQL4” folder, then the “Indicators” folder.
- Copy the downloaded indicator file into the “Indicators” folder.
- Close the MT4 platform and re-open it.
- Go to the “Navigator” tab on the screen’s bottom.
- In the “Navigator” tab, click on the “Custom Indicators” tab.
- The Round Levels Indicator should be listed here; if not, please check the indicator’s spelling.
- Drag and drop the indicator onto the chart or right-click on the chart and select “Indicators list,” and then select the arrow.
- Set the indicator’s settings as desired and click “OK” to apply the changes.
Some custom indicators may require additional steps for installation, such as registering the hand with a license key. Please read the instructions provided with the indicator carefully.
The Round Levels Indicator is a valuable tool that can be used to help traders make informed decisions about trading opportunities. While it does have its drawbacks, these should encourage you to use the indicator if you think it meets your needs.