The Support and Resistance Forex Profit indicator for Metatrader 5 is based on Fractal S&R levels and draws powerful breakout boxes on the chart.
The Fractal boxes show the overall trend and generate powerful buy and sell entry levels for both long and short trades.
The Fractal support line is depicted in orange, whereas the resistance line is shown in blue.
How to trade with it (basics)?
- A candle close above the blue Fractal box line creates a buy signal.
- A candle close below the orange Fractal box line creates a sell signal.
The following indicator inputs and parameters can be fully adjusted: fractals period, and colors.
Familiarize yourself with this technical indicator and test it first on a demo account for an extended period.
It works for any currency pair (majors, minors, exotics) and time frame.
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Support_and_Resistance_-_barry.mq5 Indicator (MT5)
Chart Example
The chart below illustrates how the Support and Resistance Forex Profit indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Support and Resistance Forex Profit Indicator?
Find a simple trading strategy below:
Buy Signal
- First and foremost: A distinct uptrend should be visible in the price chart.
- A buy signal occurs when the price closes above the blue colored box resistance line from below (see chart example above).
- Place a stop loss below key support and exit the long trade for a fixed take profit target.
Sell Signal
- First and foremost: A distinct downtrend should be visible in the price chart.
- A sell signal occurs when the price closes below the orange colored box support line from above.
- Place a stop loss above key resistance and exit the short trade for a fixed take profit target.
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Support_and_Resistance_-_barry.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_-_barry.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