Simple indicator to show Rounded levels in typical Forex pairs: Big figure, Mid-figure, 80-20 Insitutional Levels, 10pip levels, 5pip levels
Wrote this indicator because other ones out there seem to clutter the chart. This is simple, low-clutter and can be set by user to have arbitrary start and end points for the lines. I wanted the ability for lines to plot discreetly to the right hand side of price as in the chart above, since in my opinion, these are only of secondary consideration to a trader, an extra confirmation/confluence to an existing idea.
//Purpose & Usage: -Big-figure levels (100pips) & Mid-figure levels (50pips) will have a senstitivity to price, that can be an additional tool when looking for confluence for a target or an entry. -As well as BF levels and MF levels; Institutional levels (20pips below and 20 pips above a Big Figure level) and standard 10pip or 5pip levels, can be useful in the right context (i.e added confirmation that of a minor sweep target; added conviction in an idea if the level aligns with another seperately derived level).
//User inputs: -Toggle on/off each of the types of level. -Line spacing: choose pip spacing of lines [5, 10, 20, 25, 50, 100]. -Number of lines above/below [1, 2, 3, 5, 7, 10] (i.e. setting of 5 will be 11 lines. One central, 5 above, 5 below). -Formatting: for each class of lines, code by color, style and width (as per the example chart below). -Line start offset and line end offset: bars forward/back for each of start point and end point. So lines could be spread right across chart; or neatly pushed to the far right or left of the chart.
//Notes: -Designed for typical Forex pairs with units close to 1.0 (like Eur/Usd, Usd/Cad, Aud/Usd, Gbp/Usd, Eur/Gbp, Nzd/Usd). -Lines are based from the rounded close of the previous bar, Updating (if applicable) on each new bar.
Demo Plotting levels in the past; Dialog box example display: