Support line indicator.

Regardless of the movement of the trend, it is quite important to have an idea of ​​​​its lower border; usually the support line acts as such a border, which is built based on the lows over a certain time period.

You can carry out the construction in the trader’s terminal using its graphical functions, but the disadvantage of this method is that when the price minimums change, the line will remain in the same place.

The support line indicator slightly automates the construction process; it independently selects the two most important points on the chart of the currency pair and connects them together.

In addition to the fact that the script itself produces the construction, it also changes the location of the support line , depending on the selected time frame and during the change of base points.

Download support line indicator.

After copying the script to the trader's terminal folder, you just need to add it to the chart of the working currency pair.

The indicator is simply a gift for a novice trader, as it does not require any settings and can be used to develop a relatively simple Forex trading strategy or search for better entry points into the market.

An example of using the support indicator.

1. A buy deal is opened if the price has reached the red line, made a reversal and started moving in the upward direction.

2. Sell trade – if during an uptrend the price breaks through the support line and continues to move downward.

In general, the performance of the support line indicator can be assessed as no more than satisfactory; apart from its simplicity, the Forex script has no other advantages.