The precise Support & Resistance indicator for Metatrader 5 draws all significant support and resistance levels on the chart for any FX pair.
It scans the price chart for long-term, medium-term, and short-term support and resistance levels.
Color scheme:
- A lime colored line is resistance.
- A magenta colored line is support.
The S & R line colors can be easily customized to whatever color scheme you prefer.
The following indicator inputs can be modified: support color (magenta), and resistance color (lime).
Please make yourself familiar with this technical indicator and test it first on a demo account until you fully understand how it works.
It supports all time frames and Forex pairs.
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Support_and_Resistance.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Precise Support & Resistance indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Precise Support & Resistance Indicator?
The indicator does not provide any buy or sell signals.
Trade ideas:
- S & R levels can be used to trade price breakouts above or below the resistance line or support line.
- Many traders use support and resistance levels for stop loss placement and take profit.
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Support_and_Resistance.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Support_and_Resistance.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration