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Double-Zero Indicator

by Dr.Hamdi Boukamcha
Name:
Double-Zero Indicator
Author: schnappi (2009.08.22 19:34)
Downloaded: 2799
Download:
Double-Zero Indicator   Double-Zero.mq4 (2.4 Kb) View

Author:

me.

Description:

This indicator is really simple. It’s there to visualize important psychological levels, also referred to as Double-Zeros. Most markets tend to behave strangely at psychological price levels like for example Gold at 1000$ or EURUSD at 1,4000. The indicator does only show the nearest psycholgical level of the current price (=if you scroll to the left, there’s always just a single line). EDIT: improved version1: does also show past levels now.

There’s just one parameter:

extern int relDigitPos=2; // position of the relevant digit.
// example1: a setting of “2” in a market at the level of 1,2312 (taxed by 4 digits) makes the indicator visualize 1,2300
// example2: a setting of “3” in a market at the level of 1,23125 (taxed by 5 digits) makes the indicator visualize 1,23100
// example3: a setting of “1” in a market at the level of 1,23125 (taxed by 5 digits) makes the indicator visualize 1,20000
// example4: a setting of “-1” in a market at the level of 123,15 (taxed by 2 digits) makes the indicator visualize 120,00

Image:

Double-Zero Indicator
Indicating 0,5800 as nearest psychological level

It’s tested, but not excessively. Use at your own risk. Feel free to modify or do whatever with it.

 

Sometimes the best strategies are also the most simple ones…

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