Support and resistance indicator mt5

Support and resistance indicator mt5 DEFAULT

Support and Resistance Lines Indicator for MT4 and MT5

We all know how important it is to identify support and resistance levels, buy MetaTrader doesn't offer any feature to calculate them. Well, there is a solution for this! The Support and Resistance Lines indicator for MetaTrader is able to calculate and draw on chart the levels of support and resistance for the selected currency pair or any other trading instrument.

Support and resistance are some of the most important concepts in trading. Almost every trading strategy takes into consideration support and resistance levels. It is very useful to have their visual representation. Support and Resistance Lines indicator for MetaTrader is capable of calculating the levels of support and resistance and drawing them on the chart.

The Support and Resistance Lines indicator for MT4 and MT5 is a powerful indicator that can find and show you the levels of support and resistance.

With Support and Resistance Lines indicator, you can:

Find better opportunities — knowing where the support and resistance are, you can adjust your strategy.Save time — let the indicator calculate the level and show it on the chart.Get notified — receive notifications when the price approaches or leaves a level of support or resistance.

Support and Resistance Lines Indicator - MetaTrader Example Chart

What Are Support and Resistance?

Support and resistance are levels where the price tends to bounce. They are kind of price barriers that hard to break.

Support and resistance can be easily spotted by the human eye. You need to focus on the close prices and see where they stop and consolidate or bounce.

Calculating these levels in a mathematical way is a whole other story. A sophisticated algorithm should be employed to find these levels. The indicator scans a range of candles and identifies where the price is bouncing or stagnating. It then calculates the median price and draws a horizontal line on the chart.

Features

The Support and Resistance Lines indicator for MetaTrader includes the following features:

  • Automated algorithm.
  • Work with different timeframes.
  • Sensitivity adjustment.
  • Distance to next support and resistance levels.
  • Alerts on the chart, via email and by push-notifications (mobile app).

Support and Resistance Lines Indicator - Too Close to Next Support

Why Use Support and Resistance Lines Indicator?

The Support and Resistance Lines indicator is useful to check some conditions before entering or exiting a trade. During our trading activities, we all use different strategies, however, support and resistance are present almost in every trader's arsenal of tools.

You can use the Support and Resistance Lines indicator for:

  • Assess an entry signal — if the price is too close to a level, you might want to wait before entering.
  • Adjust your strategy — support and resistance can often present an area where the price stagnates or bounces.
  • Exit a position — these levels can be set as take-profit or stop-loss; one could even use them as a trailing stop.

MetaTrader 4 doesn't include a function to alert you when the price hits automatically generated levels, but the Support and Resistance Lines indicator can do it.

When you attach the indicator to the chart, you can setup its sensitivity and easily see the levels as horizontal lines.

Notification System Will Alert You If the Price Goes in a Danger Zone (Close to Support/Resistance) or If It Is in a Safe Zone (Far from Support and Resistance).

Parameters Available

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 clicks, you can set up several levels of alert.

You can choose to show support and resistance for a different timeframe. For example, if you are on the M15 chart for some scalping trade, you can add the Support and Resistance Lines indicator set up to show the levels for the D1 timeframe.

Other than showing on chart what is the distance from the above and below levels, you can set a minimum distance from the closest level to consider a trade safe. You can also configure the indicator to send you notifications in case the price enters a danger zone (or leaves it).

Support and Resistance Lines Indicator - Input Parameters

Requirements and Support

  • MetaTrader 4 & 5 — this indicator is supported by both MT4 and MT5.
  • Free — no purchase/license required.
  • Multiple instruments — you can use this tool with multiple pairs and assets.
  • Multiple devices — you can set this software up on as many devices as you want.

Download for MT4

You can download the indicator for free using the link below and install it by following the provided instructions.

The installation is very easy to perform. The same is true for using this tool.

Once you run the indicator you can set up its parameters and how you wish to receive notifications.

➥ Download MQLTA MT4 Support Resistance Lines

Installation Instructions for MT4

To install MT4 Support and Resistance Lines Indicator, please follow the instructions below:

  1. Download the indicator archive file.
  2. Open the MetaTrader 4 data folder (via File→Open Data Folder).
  3. Open the MQL4 Folder.
  4. Copy all the folders from the archive directly to the MQL4 folder.
  5. Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

For more detailed instructions on how to perform the installation please visit this article.

Download for MT5

The Support and Resistance Lines indicator for MT5 can be used to calculate and automatically draw horizontal support and resistance lines on the chart.

You can further use these levels in your trading system for entry signals filtering, for exiting your trades, and to anticipate future price movement.

The indicator offers customizable parameters and supports three types of alerts (native, email, and push-notifications). The free download link is available below:

➥ Download MQLTA MT5 Support Resistance Lines

Installation Instructions for MT5

To install the MT5 Support and Resistance Lines indicator, please follow the instructions below:

  1. Download the indicator archive file.
  2. Open the MetaTrader 5 data folder (via File->Open Data Folder).
  3. Open the MQL5 Folder.
  4. Copy all the folders from the archive directly to the MQL5 folder.
  5. Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

Or you can read a more detailed instruction on how to perform the installation.

FAQ

What do I need to run this indicator?

This indicator is a plugin that can be mounted on a MetaTrader 4 & 5 platforms.

Does it work with multiple assets?

This indicator can be used with any asset and pair in MetaTrader.

Can I use it on multiple devices?

You can use it on as many devices as you want.

How do I install the indicator?

The installation process is described above.

How much does it cost?

The indicator is completely free.

Can you add a feature to it?

Probably not. However, the Support and Resistance Lines indicator is supplied with open source code. You can modify it yourself or you can hire an MQL4 coder to do it for you.

You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.

Sours: https://www.earnforex.com/metatrader-indicators/support-resistance-lines/

PR Support And Resistance for MT5

Pr support or resistance levels are formed when a market’s price action reverses and changes direction, leaving behind a peak or trough (swing point) in the market. Support and resistance levels can carve out trading ranges. The indicator identifies the Swing High and Swing Low based on X amount of bars ( Period ) defined in the indicator set.

LIMITED TIME OFFER : All our Premium indicators are available for only 50$ and lifetime . By accessing to our MQL5 Blog, you will find all our free and premium indicators : Click Here


Key Features

A key concept of technical analysis is that when a resistance or support level is broken, its role is reversed. If the price falls below a support level, that level will become resistant. If the price rises above a resistance level, it will often become support.

Horizontal support and resistance levels are the most basic type of these levels. They're simply identified by a horizontal line :

  • Green Level in the chart, is Resistance Level.
  • Red Level in the chart, is a Support Level.


Our Support and resistance are used to identify key levels where the trend in price has a greater probability of halting and possibly changing direction. It can be a specific price or price area. Interpretation of the degree of significance of a level depends on a trader's time frame.

Documentations (  Instructions )

All the PR Support and Resistance indicator, documentations ( Instructions ) are available in this post in our MQL5 Blog : Click Here.

Advantage of PR Support and Resistance Indicator

  1. Working with all pairs ( Forex, Crypto, Indices, and commodities )
  2. Working with all timeframes. ( Recommended time frame : H1 and H4 timeframes )
  3. Alert generator. ( Pop-up alert, Push Notification Alerts...etc )
  4. 100% Free Indicator

Our Market Structure Systems 

Market structure by definition is the simplest form of price movement in the market and is being to read it. It is basic support and resistance levels on the charts. These are levels, which are easily identified and hold until they don’t.

Our Market Structure System is composed from 2 main Indicators and every indicator has it's own Strategy :  

Indicator 1 Strategy : PR Support & ResistanceIndicator 2 Strategy : HV Support & Resistance Screener
Pr Support & Resistance Indicator identify important levels based on Swing Highs and Swing Lows.HV Support & Resistance Screener Indicator identify important levels based on Harmonic Patterns and Ticks Volumes. 

All the details of HV support and Resistance Screener Indicator are available in MQL5 Blog, Click Here.


Contact

If you have some questions or if you need help,contact me via Private Message.


Author

SAYADI ACHREF , fintech software engineer and founder of Finansya.

Sours: https://www.mql5.com/en/market/product/53646
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KT Support and Resistance

5.004

kt support and resistance indicator mt4 mt5 logo
  • Description
  • EA Developers
  • Update Log

The Use of support and resistance levels in algorithmic trading is very subjective. Every trader has their own idea and way of plotting the support and resistance levels on the chart.

KT Auto Support and Resistance indicator take out this ambiguity out of the situation and automatically draws support and resistance levels following an algorithmic approach using a unique multi-timeframe analysis.

Read More

When launched on the chart, KT Auto Support and Resistance indicator immediately scan the most significant extreme points across all the available timeframes and saves them for further analysis.

A special algorithm then populates and iterates the stored extreme points for final selection.

It Plots Four Types of Support & Resistance Levels

Super Strong Support/Resistance Levels

These levels are the most substantial levels among all. Price is very likely to respect "Super Strong Levels" and often bounce back after testing them.

Strong Support/Resistance Levels

These are also substantial levels and price often respect them but not as much as their predecessor. If price breaks them with a significant margin, you can expect a continuation in the same direction.

Moderate Support/Resistance Levels

If you are a day trader, you should keep an eye on these levels. Immediate trade entries around these levels should be avoided to prevent unnecessary losses.

Short-Term Support/Resistance Levels

These are comparatively weaker levels plotted using a singular time frame analysis. If you are a day trader or scalper, you may use these levels to decide a stop loss and profit target.


Applications of KT Auto Support and Resistance indicator

  • Filter out bad trades by avoiding trade entries around a significant support/resistance level.
  • Automatically draw significant support and resistance levels using an advanced methodology and saves a ton of time every day.
  • Prevent stop hunting by institutional traders by placing the stop loss before or after a support/resistance level.
  • Include a multi-timeframe approach in your technical analysis without ever switching to a different time frame.


Input Parameters

kt support and resistance indicator mt4 mt5 input parameters
Developers can use the following code to import the auto support/resistance levels in expert advisor.
string super_strong_levels_name ="KT_SUP_RES_Super_Strong_Levels";string strong_levels_name ="KT_SUP_RES_Strong_Levels";string moderate_levels_name ="KT_SUP_RES_Moderate_Levels";string shortterm_levels_name ="KT_SUP_RES_Short-Term_Levels"for(int i=ObjectsTotal(); i>=0; i--){string object_name =ObjectName(0,i);if(ObjectType(object_name)!=OBJ_TREND)continue;if(StringFind(object_name,super_strong_levels_name)>=0)// fill super strong level array with ObjectGetDouble(0,object_name,OBJPROP_PRICE)if(StringFind(object_name,strong_levels_name)>=0)// fill strong level array with ObjectGetDouble(0,object_name,OBJPROP_PRICE)if(StringFind(object_name,moderate_levels_name)>=0)// fill moderate level array with ObjectGetDouble(0,object_name,OBJPROP_PRICE)if(StringFind(object_name,shortterm_levels_name)>=0)// fill shorterm level array with ObjectGetDouble(0,object_name,OBJPROP_PRICE)}// The above code is almost similar for both MQL4 and MQL5 with some minor adjustments.

V1.6

- A minor change in the alerts text.
- Performance improvements.
- Source code optimizations. 

V1.5

- improved the indicator execution speed.
- Added the alerts on a level touch.

Screenshots

Sours: https://www.keenbase-trading.com/products/support-and-resistance-indicator/
Support and Resistance Indicator REAL IQ Option Tradings (FREE Download)
Support and Resistance Indicator for MT5

Introduction to Support and Resistance Indicator (MT5)

Table of Contents

There are many ways to identify Support and Resistance levels. Some traders plot diagonal trendlines and channels as support and resistance levels. Others use horizontal support and resistance levels. Some traders manually plot support and resistance lines. Others use indicators to identify such levels.

The Support and Resistance indicator is a tool that automatically plots horizontal support and resistances to help traders identify such price levels objectively.

What is the Support and Resistance Indicator?

The Support and Resistance Indicator is a custom technical indicator which automatically plots horizontal support and resistance levels.

It plots lime dots forming horizontally to represent the resistance levels, and magenta dots also forming horizontally to represent the support levels.

Support and Resistance Indicator for MT5

How the Support and Resistance Indicator Works?

This Support and Resistance indicator plots horizontal support and resistance levels based on fractals, or pivot highs and pivot lows.

This method of identifying support and resistance levels is also commonly used by many traders. Price had already reversed on such price levels historically. Thus, it is also very likely that the market is also considering such levels as possible support or resistance levels where price could either reverse or breakout from.

How to use the Support and Resistance Indicator for MT5

Since the levels identified by this indicator are valid support and resistance levels, traders can trade based on these levels as such.

Traders can trade reversals or breakouts based on how price action interacts with these levels. However, since these support and resistance levels are somewhat based on the short-term, there would be many instances where the levels would not hold as a support or resistance level. Because of this it would be more prudent to trade breakouts on these levels rather than trading reversals.

How the Support and Resistance Indicator Works

Because these levels are support and resistance levels, it can also be used as a basis for stop loss placements. Aggressive traders who would want to squeeze the most profits out of a breakout can also use these levels for trailing stop losses.

Buy Trade Setup

When to Enter?

Open a buy trade as a bullish breakout candle closes above a resistance level with strong momentum. Set the stop loss on the support level opposite of the bullish breakout.

When to Exit?

Trail the stop loss below the support levels as each level is identified by the indicator. The trade would be closed in profit as the trailing stop loss is hit.

How to use the Support and Resistance Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Open a sell trade as a bearish breakout candle closes below a support level with strong momentum. Set the stop loss on the resistance level opposite of the bearish breakout.

When to Exit?

Trail the stop loss above the resistance levels as each level is identified by the indicator. The trade would be closed in profit as the trailing stop loss is hit.

How to use the Support and Resistance Indicator for MT4 - Sell Trade

Conclusion

This Support and Resistance Indicator is another tool that traders can add to their arsenal. Traders can use it either as a breakout signal indicator coming from a market congestion or as a part of a trend reversal.

Using this indicator for trailing stop loss exits can also be effective for traders who would want to stay with the trend until it ends. However, this method is not the most efficient trade exit technique.

This indicator is only a tool and should still be used just as a part of a strategy.

MT5 Indicators – Download Instructions

Support and Resistance Indicator for MT5 is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to transform the accumulated history data.

Support and Resistance Indicator for MT5 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT5 Strategies

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How to install Support and Resistance Indicator for MT5.mq5 to your MetaTrader 5 Chart?

  • Download Support and Resistance Indicator for MT5.mq5
  • Copy Support and Resistance Indicator for MT5.mq5 to your Metatrader 5 Directory / experts / indicators /
  • Start or restart your Metatrader 5 Client
  • Select Chart and Timeframe where you want to test your mt5 indicator
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
  • Right click on Support and Resistance Indicator for MT5.mq5
  • Attach to a chart
  • Modify settings or press ok
  • Indicator Support and Resistance Indicator for MT5.mq4 is available on your Chart

How to remove Support and Resistance Indicator for MT5.mq5 from your Metatrader 5 Chart?

  • Select the Chart where is the Indicator running in your Metatrader 5 Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

Support and Resistance Indicator for MT5 (Free Download)

Click here below to download:



Download Now

Tim Morris

Sours: https://www.forexmt4indicators.com/support-and-resistance-indicator-for-metatrader-5/

Mt5 support indicator and resistance

⬇ ⬇ ⬇ ⬇ ⬇

SUPPORT AND RESISTANCE INDICATOR, The indicator’s essential details would be definitely the service and resistance value zones observed foreign dealers, financial establishments and from the banking institutions. The index will reveal to that the price zones about to one of Every trader should be monitored by these cost zones.

The purpose at which a development stops or makes a pause is a assist or resistance, relying upon the path of the transfer. If it isn’t confined to a singular level, and reverses from a sequence of factors, in a neighborhood, then it’s a assist zone or resistance zone. There isn’t any indicator in default as assist and resistance indicator to establish the dynamic provide and demand change. Nevertheless, particular indicators’ functionalities will be extrapolated to a assist and resistance indicator.

There are some differences in the way different dealers determine resistance and support levels, but also in nature, the Meaning Is Precisely the Same in the trading world: Assistance and immunity are a crucial part of the majority of technical trading strategies. It’s one among the oldest trading applications utilised in the technical analysis also it so.

The concept of timing chain replacement cost Placing close P O R N H U or support and resistance indicator levels has proven to be a highly reliable approach to exchange the markets to get so long since it has already been utilized. Help is consistently below the current ounce of weed price. Any swing lower in the chart is regarded as help. The more conspicuous the swing lower the more powerful the support degree is thought to be.

Support

Assist in any worth level which prevents the value from falling additional. And relying on whether or not it renders a short-lived pause or an everlasting reversal, the assist defines its power.

The demand is larger than the availability at helps.

SUPPORT

Within the above hourly chart of USD/JPY, help is the purpose which acts as demand zone and resumes the bullish pattern. The pair bounces off from every supportive level and creates a brand new excessive which validates the help.

Identify Support

Draw a straight line from the bearish reversal factors.

If the road connects greater than three reversal factors, then the road turns into a legitimate historic help.

It turns into a crucial level, sooner or later, as merchants have a tendency to make use of it as reference for lengthy trades.

IDENTIFY SUPPORT

Within the above EUR/USD chart, the market bounces off from the identical level, 1.13500 thrice. It signifies a robust demand for the asset. These sorts of sturdy bits of help are certainly the very best entry factors for lengthy trades.

Support Zone

It’s not at all times potential for the market to bounce again from a single level exactly, each time. So, it bounces off from factors that are at shut proximity to an assist and converts it to a zone.

It’s comparatively troublesome to understand the assist zone on brief time-frames. Longer time frames can spot the assist zone with ease.

SUPPORT ZONE

The above chart is a 1D chart of EUR/USD. The pair finds help not some extent, however at a broad vary, 1.13118 to 1.12303 and therefore turns into a zone.

Resistance

Resistance is a degree that makes the value motion to pause or change its course throughout an increase.

The availability is greater than the demand for resistance.

RESISTANCE

Within the hourly chart of EUR/USD, every time the pair makes a pullback, the provision wealthy factors which revive the downtrend is the resistance. These factors are good entry factors for brief commerce.

Identify Resistance

Draw a straight line connecting the reversal factors.

If three or extra factors kisses the road, then it turns into resistance.

The variety of instances it has reversed is straight proportional to its energy.

Support and Resistance Indicator

The worth motion identifies the static bits of help and resistances simply. However, the provider and demand fluctuate dynamically at completely different situations and at completely different durations.

It’s tough to identify these provide and demand zones which helps and resists worth motion utilizing typical strategies. The symptoms like shifting common, Fibonacci instruments and pivot factors establish provide and demand zones at particular situations and timeframes, relying on the pattern, and therefore often called help and resistance indicator.

There are several techniques to exchange the S/R zones and also the index. The Most Popular strategies are:

1) Range trading :

Range trading
  • Resistance is merely the opposite of support.

Resistance is over the present price. Any swing is considered being a support and resistance indicator degree. Below the further conspicuous is that the greater considerable.

For instance, when there’s support on EUR/USD in 1.0655 that doesn’t signify that you must wait for the set to reach this amount and obtain exactly at 1.0655. Rather than that, you utilize the zone around that amount as a service zone and also you look for getting signs in this rough zone.

Based on exactly what span you are viewing this support degree on, the zone may be 10 pips to get intraday graphs and 50 hundred pips to the weekly or monthly chart. An essential point to understand is that service and resistance behave as zones on the chart as opposed to as uncomplicated levels.

When the purchase price moves past a service or support and resistance level it’s mechanically considered broken and can be no longer regarded as service and immunity (the black lines which do not go all the way into the best would be this kind of instances). 1 approach to boost the possibilities a purchase or sell signal is valid would be to await the end of the trading session before choosing the trade.

So, very often industry will crack a service zone throughout the semester, however then will shut at the end of the session. This can be a support zone which held through intra-day it was busted.

2)Trade reversals as soon as affirms eventually become resistances or resistances eventually become supports.

This really can be actually the scenario at which the dealer waits to your purchase price to undo the resistance or support, then he moves this dip while inside the purchase price.

Finding a change blueprint, or even some verification signal out of a sign is definitely an added hint the transaction will undoubtedly soon likely probably become prosperous.

Trade reversal

3)Take earnings or set stop loss predicated on support and resistance indicator.

One other amazing means to exchange the resistance  and support zones will be always to exchange pull-backs. A pull-back happens whether there’s an immunity that’s damaged and gets to be a service. Subsequent to the breakout, then the cost return right back once again to retest the S/R zone and then retraces straight in direction of the breakout.

An overall principle states that busted immunity can become support, and broken support could develop into an immunity. Potential pullbacks are highly effective entrance signs.

You find the purpose – support and immunity analysis has no limits. You are able to develop a complete trading plan based on buying and selling entirely the most support immunity zones. S/R zones could also quite properly ascertain where we have to place correct Stop-Loss or Profit-Target. Simply if you start an investment in trade, Stop-Loss should be set below affirms and Profit-Target below support and resistance indicator. If you ean holdings a promote transaction, then stop loss should be set previously mentioned resistances and also Profit-Targets above affirms.

support resistance zone

Support And Resistance Indicator Download link is inside

Characteristics of the Support and Resistane Indicator :

  • Platform:Metatrader4
  • Currency pairs: Any
  • Trading Time: Any, recommended European and American sessions
  • Timeframe: H1, H4, D1
  • Recommended broker:XM, FXTM.

How to install custom indicator on MetaTrader4 & MetaTrader5? CLICK HERE

*Indicator work on bot system in MT4 and MT5 platform. Try with demo account 1st for practice.

Keep this in mind If trading breakouts: Quite often industry provides break-outs that are imitation or the fake-outs. To guard against fake-outs dealers have developed other ways in every using its benefits and pitfalls. There is absolutely no right way to exchange that everybody really needs to pick. Take to and develop your strategy, investing approach, develop expertise and eventually become a dealer. Ultimately to get a less difficult approach to find aid and immunity ranges, you should use our own service and immunity index you may download in our site at no cost.

Related

Sours: https://forexinworld.com/support-resistance-indicator-download/
Free Support Resistance Expert Advisor Indicator for Metatrader5 💰

Configuring the Dynamic Support and Resistance Indicator for MT5

The Dynamic Support and Resistance indicator is unique, and to utilise it’s full potential, will probably require you to ‘rethink’ your whole approach to how you view and interpret support and resistance in the future. This is not to say that the underlying concept of support and resistance has changed with this indicator – it hasn’t. The old rules still apply where we are looking for areas of price congestion, which then define potential platforms of either support and resistance, which then either hold firm or are breached.

The game changer with this indicator, is not just how these levels are calculated and then displayed, but the accuracy of these signals. Most support and resistance indicators on the market today, will generally display some broad price range. 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. As you may have guessed, the Quantum Dynamic Support & Resistance indicator does not draw or display bands. 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. This perhaps is the area that you will have to ‘rethink’ when using this indicator. 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. In other words, the support and resistance levels generated will coincide with the CURRENT price action. 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.

It’s an immensely powerful indicator which maps out the direction of price at any given moment. For most traders, the profit that springs from trading, comes from determining support and resistance levels precisely. With this indicator, you can tell EXACTLY where and when price is moving up or down, thus giving you the ability to gauge:

  • Optimum entry levels
  • Safe exit levels
  • Proper stop loss levels
  • Excellent take profit levels

But as with all Quantum Trading indicators, there’s more, a great deal more!

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;

  • It is incredibly accurate – almost like magic.
  • The indicator is dynamic, which means the support and resistance lines generated coincide with the current price action
  • Coupled with the Quantum Dynamic Price Pivots indicator, the Quantum Dynamic Support & Resistance indicator becomes even more powerful

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:

  • The indicator displays two types of support and resistance lines giving you precision in your trading decisions:
    • Dotted lines are levels in the chart where price has tested at least once within the Look Back period.
    • Solid lines are levels in the chart where price has tested more than once within the LookBack period and can be perceived as a stronger indicator of support or resistance.
  • Look for clusters of lines on the indicator. Where these appear then you can be sure this is a strong level of support or resistance
  • Use multiple timeframes to see levels of support and resistance further from the current price action. Remember, the indicator is generating these levels to coincide with the CURRENT price action (where this information is most useful!!!)

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. Secondly, this also allows you to tailor the detail to your own trading style. Some traders prefer more detail, other less. All of this is available for you to configure and explained below.

  • The Quantum Dynamic Support & Resistance indicator works in all timeframes.
  • The default setting for the indicator is 100 BarsAgo (see below) which we have found is perfect for M1 to H1. For timeframes above H1, you will need to double this figure, and then double again for long term charts. This is explained below.

Applying the Indicator

Open your MT5 platform and in the main menu, select View > Navigator to open the Navigator window which appears at the left hand side of your workspace.

In the Navigator window, expand the Indicators tree by clicking the “+” symbol. Find the Quantum tree and expand it by clicking the “+” once again to reveal the full list of Quantum Trading indicators.

To start using the indicator, you can click and drag QuantumDynamicSupportAndResistance from the Navigator to a chart or you can also double-click QuantumDynamicSupportAndResistance (which will then be applied to the currently selected chart). Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Dynamic Support and Resistance. These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections. Once you are done customizing the indicator’s options, click OK to run the indicator.

Common tab

Here you will find the basic information about the indicatorsuch as its name, description, and version number.

Inputs tab

You can configure the indicator by changing its variables listed in this tab. We explain these in detail shortly and for each configurable input of the Quantum Dynamic Support and Resistance below.

Colors tab

The Quantum Dynamic Support and Resistance indicator uses drawing objects instead of plot lines so this tab is empty.

Visualization tab

The indicator’s visibility can be toggled on or off in different contexts with the options in this tab.

Dependencies tab

Please make sure that the “Allow DLL imports…” option is checked/ticked before running the indicator. This is required by all Quantum indicators to properly communicate with its accompanying DLL file. Alternatively, you can set this option globally by selecting in the main menu, Tools > Options > Expert Advisors tab and checking/ticking the “Allow DLL imports” option.

Configuring the Indicator

Let’s go back to the Inputs tab and explore the ways on how to customize the settings of your Quantum Dynamic Support and Resistance indicator.

Account Email

When running the Quantum Dynamic Support and Resistance for the first time in your trading account, you need to enter the email you used to register in the Quantum Trading Indicators Enablement System – http://enable.quantumtrading.com/ as part of its verification process. You only need to do this once as the email is stored in the terminal’s global variable cache after it is entered initially. Please make sure that you enter your email correctly and exactly without any extra spaces before and after it. If you made an error, simply fill this field again to update it.

Look Back

This setting defines the number of bars the indicator processes starting from the most current bar. All support and resistance lines are generated within this period.

Line Color

You can change the value of this setting to customize the color of the support and resistance lines that the indicator generates.

Removing the Indicator from the Chart

Open the chart’s Indicator List window by pressing Ctrl+I. You can also right-click the chart and select Indicator List from the context menu.

Select QuantumSupportAndResistance and click the Delete button then click the Close button.

Sours: https://mt4.quantumtrading.com/configuring-the-dynamic-support-and-resistance-indicator-for-mt5/

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