Support And Resistance are some of the most important concepts in trading. Almost every trading strategy keeps into consideration Support and Resistance levels and it is very useful to have a visual representation of them. MT5 Support And Resistance Indicator is able to calculate the levels of support and resistance and draw them on chart.
What Is The MT5 Support And Resistance Indicator
MT5 Support and Resistance Indicator is a great tool to enhance your Metatrader platform.
With this indicator you can let your computer do the calculation of where the next support and resistance is.
The indicator shows horizontal lines and can also alert you.
We go through some of this indicator in this article.
Why Is The MT5 Support And Resistance Indicator Useful
The Support And Resistance Indicator is useful to check some conditions before entering or exiting a trade.
During our trading activities we all have different strategies, however, support and resistance are present very often.
You can use Support and Resistance for:
- Consider an entry signal, if the price is near a level you might want to wait to entry
- Adjust your strategy, support and resistance can be often area when the price stagnate or bounces
- Exit a position, these levels can be set as take profit or stop loss, or even trailing stop
Metatrader 5 doesn’t include a function to alert you when the price hits a specific levels and but Support And Resistance Indicator can do it.
When you mount the indicator in your chart you can setup the sensitivity and easily see the levels as horizontal lines.
How To Download And Use The MT5 Support And Resistance Indicator
You can Download the Indicator with the link at the bottom of this page and install it following the below instructions.
The installation is very easy to perform, same is the use.
Once you run the Indicator you can set a few default options, the rest will be managed from the panel.
The Indicator’s interface is quite intuitive and with a few click you can setup several levels of alert.
MT5 Support And Resistance Installation
To install the indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL5 Folder
- Copy the file in the Indicators
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.