New resistance and support indicator “Support-Resistance-MT5”
One of the most effective technical analysis tools in trading are support and resistance lines.
Thanks to these lines, it becomes possible to determine probable trend reversal points or ensure its continuation.
These lines can be plotted on the chart either manually or using special indicators that independently perform calculations.
Over the years of using trading platforms for trading, a large number of indicators that allow the construction of support and resistance lines, but despite this, new modifications of such scripts are being developed every day.
Free indicator for plotting support and resistance lines
Today we will get acquainted with PR Support And Resistance for MT5, as the name suggests, the indicator is designed for installation in the metatrader 5 trading platform.
PR Support And Resistance for MT5 is an advanced indicator for plotting support and resistance lines. After installing it, it simultaneously builds these levels on all available time frames and does not disappear when switching the time period:
An important point is that after breaking through the support or resistance line, it forms new levels for a new price channel.
Before installation, the indicator practically does not require changing the settings; even with the default settings, PR Support And Resistance for MT5 works quite effectively:
If you wish, you can change the color of the support and resistance lines of the indicator to be more visible on the chart; in my case, I changed the resistance line to yellow.
It is also possible to configure the receipt of signals when one of the lines is broken, but do not forget to set the appropriate settings in the MetaTrader 5 trading platform itself.
The resistance and support indicator works perfectly with almost all assets that are available in the trading platform - currencies, cryptocurrencies , indices, futures, securities. But it has proven itself best on currency and cryptocurrency pairs.
The indicator of resistance and support has proven itself best on the hourly and four-hour time frames.
The tool is free and does not require the purchase of a license to use.