PSYCHOLOGICAL LEVELS INDICATOR FOR MT5
Version 1.10
Created by Forex Trader Mads
Website: http://forextradermads.com

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1. OVERVIEW
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The Psychological Levels Indicator automatically draws evenly spaced
horizontal price levels on a MetaTrader 5 chart.

These levels may help traders identify important round-number or
psychological price areas where price may react, consolidate, reverse,
or break out.

The indicator displays:

- Horizontal psychological-level lines
- Price labels beside each level
- A configurable number of levels above and below the current price
- Customizable line and label appearance
- Automatic updating as price moves into a new interval block

This indicator does not generate buy or sell signals and does not open,
modify, or close trades.

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2. INSTALLATION
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1. Open MetaTrader 5.
2. Click File > Open Data Folder.
3. Open the following folder:

   MQL5\Indicators

4. Copy the indicator file into the Indicators folder.
5. Return to MetaTrader 5.
6. In the Navigator panel, right-click Indicators and select Refresh.

If the indicator does not appear:

1. Open the MQ5 file in MetaEditor.
2. Click Compile or press F7.
3. Confirm that the file compiles without errors.
4. Return to MetaTrader 5 and refresh the Navigator panel.

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3. HOW TO USE
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1. Open the chart and symbol where you want to display the levels.
2. In the Navigator panel, open Indicators.
3. Drag the Psychological Levels Indicator onto the chart.
4. Adjust the input settings as needed.
5. Click OK.

The indicator will immediately draw psychological levels around the
current market price.

It can be used on different symbols and chart timeframes. Because symbol
pricing and decimal formats vary, adjust IntervalPips to suit the market
being analyzed.

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4. INPUT SETTINGS
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IntervalPips
   Distance between each psychological level, measured in pips.
   Default: 100

LinesAbove
   Number of levels displayed above the current price area.
   Default: 5

LinesBelow
   Number of levels displayed below the current price area.
   Default: 5

LineColor
   Color of the horizontal lines.
   Default: Silver

LineWidth
   Width of the horizontal lines.
   Recommended range: 1 to 5
   Default: 1

LineStyle
   Style of the horizontal lines, such as solid, dashed, or dotted.
   Default: Dotted

LabelColor
   Color of the price-label text.
   Default: White

LabelBGColor
   Background color of the price labels.
   Default: Dim Gray

LabelSize
   Font size of the price labels.
   Default: 8

LabelFont
   Font used for the price labels.
   Default: Consolas

UpdateSeconds
   How often the indicator checks whether the displayed levels need to
   be updated.
   Default: 30 seconds

   The indicator does not redraw everything on every check. It redraws
   the levels only when price enters a new interval block. This reduces
   unnecessary chart processing.

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5. UNDERSTANDING PIPS
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The indicator automatically determines the pip size from the number of
decimal digits used by the current symbol.

For symbols quoted with 5 or 3 decimal digits:

   1 pip = 10 points

For other symbol formats:

   1 pip = 1 point

Broker symbol specifications may differ, especially for Gold, indices,
cryptocurrencies, and other CFDs. Test the settings on your chart and
adjust IntervalPips until the levels match the spacing you prefer.

Example:

If IntervalPips is set to 100, the indicator draws a new level every
100 pips according to the current symbol's price format.

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6. AUTOMATIC UPDATES
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The indicator checks the current Ask price at the interval selected in
UpdateSeconds.

The levels are updated only when price moves into a different interval
block. The price labels are also repositioned when the chart is scrolled,
zoomed, resized, or otherwise changed.

When the indicator is removed from the chart, all lines and labels created
by it are automatically deleted.

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7. SUGGESTED USES
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Psychological levels may be used together with other forms of analysis,
such as:

- Support and resistance
- Price action
- Market structure
- Breakout and rejection setups
- Trend analysis
- Supply and demand zones
- Entry, stop-loss, and take-profit planning

Psychological levels should not be treated as guaranteed reversal or
breakout points. Always consider the overall market context.

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8. TROUBLESHOOTING
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No lines are visible

- Confirm that IntervalPips is greater than zero.
- Confirm that LinesAbove and LinesBelow are set appropriately.
- Try using a smaller IntervalPips value.
- Check whether the selected line color is visible against the chart
  background.
- Confirm that the market symbol has a valid live or historical price.

Labels are difficult to read

- Change LabelColor or LabelBGColor.
- Increase LabelSize.
- Select a different LabelFont.
- Add more space on the right side of the chart if necessary.

Levels are too close together or too far apart

- Change IntervalPips.
- Remember that pip and point values can differ among brokers and symbols.

The indicator is not listed in MetaTrader 5

- Confirm that the file is inside MQL5\Indicators.
- Refresh the Navigator panel.
- Compile the MQ5 file in MetaEditor.
- Restart MetaTrader 5 if needed.

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9. IMPORTANT NOTES
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- Platform: MetaTrader 5 only
- Indicator type: Chart-window indicator
- Trading function: None
- Alerts and notifications: None
- The indicator uses the current Ask price to determine the active level
  block.
- Settings are applied separately to each chart where the indicator is
  attached.

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10. RISK DISCLAIMER
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This indicator is provided for educational and informational purposes
only. It is not financial advice, investment advice, or a recommendation
to buy or sell any financial instrument.

Trading Forex, CFDs, commodities, indices, cryptocurrencies, and other
leveraged products involves significant risk and may result in the loss
of some or all of your trading capital. Past performance does not
guarantee future results.

You are solely responsible for your trading decisions. Always test any
indicator or strategy on a demo account before using it in live trading.

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11. CREDITS
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Psychological Levels Indicator for MetaTrader 5
Version 1.10

Created by:
Forex Trader Mads

Website:
http://forextradermads.com

Please keep this Readme file together with the indicator when sharing it.
