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Please is this indicator available in mql5 for MT5?
Support and Resistance are a popular analysis technique used by traders in any market. These levels are powerful psychological levels that offer countless profitable opportunities in many markets, and allow prudent traders to enter trades with very little risk and high reward.
To confirm support and resistance trades with indicators we will use mainly leading indicators such as the Stochastic and RSI. These indicators are effective to confirm support and resistance as they are leading indicators that present signals before price has changed its trend. To confirm with an indicator, simply wait for the indicator to give a signal before entering.
1. Upon spotting a support or resistance level, wait for the Stochastic to cross before entering the trade when price bounces off the level.
2. The same way, you can confirm with the RSI crossing the overbought level downwards or the oversold level upwards.
Confirming such trades is very beneficial: not only it improves the trades and increases win rate, it also makes the trades more objective and mechanical, which reduces fear and establishes confidence in the trading system.
Superb! Just imagine seeing all the support and resistance zones of a pair on all timeframes on just your preferred timeframe. The zones are well drawn, no messing up of your chart. This is a great work.
I found it good.
The best support and resistance indicator, i am using this.