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'll be looking at PR Support and Resistance for MT5. As the name suggests, this indicator is designed for installation on the MetaTrader 5 trading platform.
PR Support and Resistance for MT5 is an advanced indicator for plotting support and resistance lines. Once installed, it simultaneously plots these levels on all available timeframes and does not disappear when switching timeframes:
An important point is that after breaking through a support or resistance line, it forms new levels under a new price channel.
Before installation, the indicator requires virtually no settings changes; even with the default settings, PR Support And Resistance for MT5 works quite effectively:
If you wish, you can change the color of the indicator's support and resistance lines to make them 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 well with virtually all assets available on the trading platform—currencies, cryptocurrencies , indices, futures, and securities. However, it has proven particularly effective with currency and cryptocurrency pairs.
The resistance and support indicator has proven itself best on hourly and four-hour timeframes.
The tool is free and does not require purchasing a license to use.
