How to trade with SweetSpots indicator
the name of the indicator suggests that there are certain price levels, which carry more importance than others. These are so called “round price levels”, which end on 00, 50, 25 etc. For example, 1.4000, 1.4400, 1.4450.
For the Forex market & its participant such price levels carry additional meaning, similar to steps or pivotal points where passing through each step adds a new value. Therefore more often than not the market will stop at round price levels to re-think & re-test prices before moving further.
Arrows on the chart below show examples of sensitivity of the price to sweetspot levels.
In the settings window, you’ll be able to change the step value (sublevels). The default is 25 pips (250 for 5 decimal price charts). while trading, remember that “00” are always much stronger than “50” or “25”.
Use this indicator as a guidance to a better mapping of Support/Resistance levels on the chart.
Next time you draw Support/Resistance lines, if they coincide with round price levels, especially “00”, you have got a perfect S/R level to work with!
Download indicator: Big Round Numbers