🌐 Indicator Support&Resistance MT4/MT5 👑

⭐️ The Support & Resistance Indicator is designed to help you in your day-to-day trading. It takes care of identifying key levels where the price has shown significant activity in the past, automatically marking these levels as rectangular areas on your MT4 or MT5 chart.

The size of each support or resistance area depends on the distance between the highest and lowest prices that the level spans. You'll see resistance levels marked in orange and support levels in blue, making it easy to spot them at a glance.

One of the great things about this indicator is that it doesn’t repaint. However, if new highs or lows occur within the range of an existing support or resistance, the height of that area might expand accordingly.

For the best results, consider using it on timeframes from M15 to H1.

➡️ How the Indicator Spots Levels

There are many approaches to drawing support and resistance levels. For example, the Pivot Points indicator uses data from previous candlesticks for this purpose. In turn, the S&R indicator identifies the levels with the maximum number of price touches.

Touch is a subjective concept since everyone interprets it in their way. Therefore, we used a freely available Fractal indicator to identify touches, which are also extreme levels of the price.

The formula of the Fractal indicator works regardless of the timeframe, so the Support and Resistance indicator works on any timeframe as well.

After identifying and marking the touches, the indicator algorithm will spot the levels with the maximum number of price interactions and display them on the chart.

To see the price interactions with a certain level, click the weight number on the left side of the rectangle.

As you can see, some of the interactions are out of the filled rectangle, but this is not the indicator's error. These touches are used to identify levels more precisely.

Support and resistance levels themselves occupy just under 50% of the area analyzed by the algorithm.

👉 Who Can Benefit from the Support & Resistance Indicator?

Support and resistance are key price levels that can guide you in making Forex trades, so this indicator works well with any other trading system or indicator you might use.

If you're a novice trader, learning how to draw these levels on your own is essential. But if you’re still building those skills, the S&R indicator can be a helpful tool to bridge the gap.

For experienced traders, it’s equally useful because it saves valuable time by automatically drawing these levels, allowing you to focus on your strategy.

✔️ Trading With the Support&Resistance Indicator
There are three major techniques of trading with strong support and resistance levels:

➡️ Rebound (Bounce) from a level,
➡️ Level breakout,
➡️ Retest of the broken level.
➡️ Their benefit is that they are quite simple, so even a novice trader can easily use them.

🎊 🎉HAPPY TRADING !!!!🎉🎊

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