An indicator that shows the value of resistances and supports on chart window. it also give the price distance of each resistance and support from the current bid price. If alert is turn on, sound is produced when bid price is very near to these critical levels
who can use it?
All types of traders. Be it-
- Scalper
- Swing traders
- News traders
- Long term traders
Its uses:
This indicator can be used in:
- Entry of position
- Exit of open position
Input Parameters
- Display_Indicator_Name - if set true , indicator's name is displayed
- TurnOnAlert - if set true , alert is produced when price is near critical price levels
- NumberOfBarForAnalysis - Number of historical bar for calculating resistances and supports
- Method - Method employed in calculating resistances and supports
Installation of the Indicator
1. Drag and drop the Indicator into all charts of pairs to trade and click okay.
2. After clicking okay, the indicator will be loaded or shown on the chart.
How to use it
For Scalpers
Place Sell limit order at Resistances and Buy Limit order at supports
Note that
- Two or more resistances very close together becomes STRONG RESISTANCE
- Two or more support very close together becomes STRONG SUPPORT
For Swing Traders
- Find any of the support or resistance that precisely reject the price.
- Then place pending order at any of the other support or resistance to fade the move back to the initial support or resistance that the price move from.
For example, if price precisely move from support, sell limit order is place at immediate resistance and the support is used as the target point. And vise versa.
For News Traders
These resistance and support levels can be used as profit target after opening position.
They can also be used as entry point after news release.
Long Term Traders
Open buy position when at least four (4) out of five price levels are SUPPORT.
Open Sell position when at least four (4) out of five price levels are RESISTANCE.
Open position can be trailed.
If you have any question do not hesitate to ask.
