Download !NEW! SnR Indicator Rar
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.
Download SnR Indicator rar
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.
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.
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 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).
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. 041b061a72