Candle SnR Indicator For MT4 (WITH INDICATOR DOWNLOAD)

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Thank you for being a part of this Traders Community. Let's discuss and share : Selamat datang kembali! Trimakasih telah menjadi bagian dari Komunitas Trader ini. Mari berdiskusi dan berbagi :. Cookies Maintenance. Does anyone have this no repaint support and resistance indicator? To us, broad bands are of little use in whatever timeframe you are trading, when actually what you need are those price levels defined for you with pin point accuracy clearly on the screen.

It produces pinpoint levels to the nearest pip! The second, and perhaps even more crucial point, is that as a trader, you need to have some gauge as to the strength or weakness of such price areas. After all, if the market is approaching an area which is considered strong, then the more likely the level will hold. This is another key aspect of the indicator — whilst it produces single lines to show areas of support and resistance, these signals are then given further power as the lines cluster together to signal stronger regions.

Where one, two or perhaps three lines cluster, then this can be considered and extremely strong area of price support or resistance. In other words, clusters of lines add huge weight to these regions, which you can see for yourself, simply and easily. Now you have an indicator which not only displays these regions accurately, but then gives you that crucial information, the strength of these regions. Clusters hold the key, and wherever you see these displayed, you can be assured that the market will take effort to breach them.

Finally, and lastly, the indicator works dynamically, building these levels as the price action unfolds in realtime. Whilst the indicator is using historic price levels to gauge future price regions, it is also constantly scanning the current price action, to deliver support and resistance levels, IN THAT AREA , since this is the region of most interest to you as a trader.

Best Support and Resistance Indicator for MT4

From there it is a simple case of then moving up and down the timeframes, to see where the longer term or shorter term support and resistance regions are on those charts, as well as searching for clusters. For most traders, the profit that springs from trading, comes from determining support and resistance levels precisely. The indicator makes no distinction between support and resistance. A certain price level that acts as support now can eventually be a resistance in the next session. Each line influences the movement of price for the entire chart;. In summary.

This is a very different approach to the concept of support and resistance and one which may take you a short time to grasp. The key difference is that using this indicator, you will need to trade using multiple timeframes to maximise its power which will then reveal future levels for you further from the current price action, and the key points to bear in mind are as follows:.

Defining Support and Resistance

Finally, the indicator is entirely configurable for two reasons. First, all currency pairs have different trading characteristics and price chart profiles, and to reflect this, the indicator can be tailored to show a greater or lesser number of support and resistance levels.

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Secondly, this also allows you to tailor the detail to your own trading style. Some traders prefer more detail, other less. As price starts to consolidate or pull back, the moving average calculation continues and is using slowing price movement. It only makes sense that the average will catch up to price and give the appearance that the moving average indicator was a support level in an uptrend or resistance level in a downtrend.

Looking at the chart, you can see that price seemingly bounces from the moving average acting as support and resistance. Can you see how price is actually reacting to price structure?

Keep that in mind when you think that averages are magical barriers to price. It is fairly straight forward when plotting horizontal support and resistance level lines. Most traders will use turning points in the market which are easily visible on any chart. While not an exact science, this is an easy way to gain some perspective of your chosen market.

Since many traders scan many instruments, the use of a support and resistance indicator can speed up the process during your scan. The Forex market has so many currency pairs you can trade that it can be extremely time consuming manually plotting these lines. It gets even worse when using trend lines.

Deciding on which peak or trough to use to connect the lines just slows down the process even more.