Malaysia SNR Levels and Storyline for MT4
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Minh Truong Pham
Hello, my name is Pham and I am a programmer and trader! At here, I create amazing forex indicators and expert advisors for Metatrader.
I will try:
+ Provide best tools base on my 5 years experience as a trader and 10 years as a programmer. - Version: 1.0
- Activations: 10
In the context of trading, Malaysia SNR (Support and Resistance) refers to the technical analysis of support and resistance levels in financial markets, particularly for stocks, indices, or other assets traded.
There are three type of Malaysia SNR level Classic , GAP and Flipped
1. Classic
- Support is the price level at which an asset tends to stop falling and may start to rebound. It acts as a "floor" where demand is strong enough to prevent the price from dropping further.
- Resistance is the price level at which an asset tends to stop rising and may start to reverse downwards. It acts as a "ceiling" where selling pressure is enough to prevent the price from climbing further.
2. GAP
A gap happens when the price of an asset opens significantly higher or lower than the previous closing price, without trading at the prices in between. This often occurs due to major news, earnings announcements, or significant market events.
Gap Support
- Gap support occurs when a price gap happens, and the lowest point of the gap acts as a support level. This is often seen when a stock jumps higher but leaves a gap between the previous day's closing price and the new opening price.
- Traders often look at this gap as a potential support level because, if the price retraces, it may not fall below the bottom of the gap.
Gap Resistance
- Gap resistance works the opposite way. It occurs when a stock or asset gaps downward, and the highest point of the gap forms a resistance level. If the price rises, it may find it difficult to break above the gap's top.
3. Flipped
Flipped support and resistance refers to the concept where a support level becomes a resistance level after being broken, or vice versa. This is a common phenomenon in technical analysis and is also known as role reversal.
Flipped Support to Resistance
- When the price of an asset breaks below a support level (a price level where the asset previously found buyers), that same level often becomes a resistance level.
- Traders interpret this as the area where sellers might step in if the price attempts to rally back to that level. Essentially, what was once a "floor" (support) now acts as a "ceiling" (resistance).
Example: If a stock listed on Bursa Malaysia had a support level at RM 5.00 but later breaks below it and falls to RM 4.50, RM 5.00 could now act as resistance. If the stock tries to rise back up, RM 5.00 may act as a barrier, where sellers push the price back down.
Flipped Resistance to Support
- The opposite is true when the price breaks above a resistance level. The former resistance now becomes a support level.
- This flipped support level suggests that buyers are willing to step in at that level to prevent the price from falling further.
This indicator support all 3 type of Malaysia SNR lever
The indicator also provides features such as:
+ Extend active support and resistance levels to current time
+ Only display active support and resistance levels
+ Display text notification of the type and specific price of the support and resistance level
+ Custom style levels
Strategy with SnR here
