Support and Resistance Indicator MT5 indicator allows traders to automatically draw support and resistance levels on their chart. It is a simple and easy to use forex trading indicator developed for MetaTrader 5. Since the concept of support and resistance works perfectly in all time frames, this forex trading indicator can be used on all time frames. This indicator can be used to trade a wide range of asset class.
Support and Resistance Indicator Overview
when you install Support and Resistance Indicator in your platform, your chart will look like this:
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Support and Resistance Indicator MT5 Anatomy
Simply this indicator has two levels; a blue and red. The blue level works as a support level and red level works as a resistance level. Price tends to bounce when price tests this level and price pulls back when the red level is tested. Buying in the support zone and selling in the resistance region is the main strategy of this indicator. A good thing about this indicator is that it works in all market conditions.
Support and Resistance Indicator: Buy Parameters
- The market should test blue dot and bounce back.
- Buy when above parameter is met.
- Place your stop loss below the recent swing low.
- Book your profit when the market touches upper red zone.
Also Read: Forex HMA Trend Indicator MT4
Support and Resistance Indicator: Sell Parameters
- The market should test red dot and pull back.
- Sell when above parameter is met.
- Place your stop loss above the recent swing high.
- Book your profit when the market touches lower blue zone.
While trading with this indicator you should be choosy regarding the trade executions. With some practice with this indicator, you will be able to figure out good trading opportunities from the bad ones.
Giving the best in each trade is the only way to make money consistently in the forex trading business. In trading, maintaining discipline is the single most important thing to succeed. I believe you will have an amazing experience with this indicator.