Support and Resistance Levels Indicator (MetaTrader 4)
Imagine how much more accurate your trading decisions would be, if you knew exactly when the price is about to change its direction.
This indicator automatically identifies support and resistance levels for any financial instrument. It analyses the price of the instrument and classifies the identified levels based on reliability and strength. The more times the price has met that level, the stronger and the more reliable it is.
Moreover, this indicator continuously monitors the price for new support and resistance levels.
This indicator also enables you to set and customize alerts for when the price reaches a support or resistance level. In addition, you can adjust the properties, the style, and the color settings of this indicator with the click of a button.
Support and resistance levels are price levels at which the market trend loses its strength, therefore, the price finds it difficult to continue moving in the same direction. When the price reaches a support or a resistance level, it could change its direction in the opposite way—trend reversal. Price levels that stop a bullish trend, otherwise called an upward trend, are referred to as resistance levels and price levels that stop a bearish trend, otherwise called a downward trend, are referred to as support levels.
Such price levels are useful for identifying entry points, as well as identifying reliable exit points.
At checkout, you will be provided with the files needed for the installation of this indicator, along with a comprehensive guide which helps you through every step of the way.
Keep in mind that MetaTrader 4 is required to use this product. This product will be available for other trading platforms soon. If you have any suggestions, please contact us at firstname.lastname@example.org.