The Important Support Resistance Price Zones Indicator is a technical analysis tool used by traders to identify critical support and resistance levels on price charts.
These levels are areas where the price has historically shown a tendency to stop or reverse, and they are closely watched by traders as potential trading opportunities.
Important Support Resistance Price Zones Indicator Overview
The Important Support Resistance Price Zones Indicator is a technical tool used to identify critical support and resistance levels on price charts.
These zones are closely watched by traders as potential trading opportunities, and the indicator highlights them with blue and red rectangles for support and resistance levels, respectively.
The indicator can help traders identify potential buy and sell opportunities, as well as stop-loss and take-profit levels.
One of the advantages of the indicator is that it determines verified and untested support and resistance zones separately, allowing traders to identify significant price levels that have been repeatedly tested and confirmed.
Important Support Resistance Price Zones Indicator Explanation
The indicator displays blue rectangles at the bottom of the chart to indicate support zones and red rectangles to represent resistance zones.
Traders can use these levels to determine potential buy and sell opportunities, as well as stop-loss and take-profit levels.
One of the advantages of the Important Support Resistance Price Zones Indicator is that it can determine verified and untested support and resistance zones separately, making it easier for traders to identify significant price levels.
Important Support Resistance Price Zones Indicator: Buy Condition
- Look for the price to bounce off the blue support zone.
- Confirm that the support level is verified by the indicator.
- Wait for a bullish candlestick pattern to form above the support level.
Also Read: Free Download RoboFx Forex Trading System
Important Support Resistance Price Zones Indicator: Sell Condition
- The red resistance zone is rejected by the price.
- The resistance level is identified as “confirmed resistance.”
- Following bearish candlestick patterns below the resistance, initiate a sell.
