Simple SR USDJPY
The indicator shows the support/resistance levels. Used to determine the takeprofit/stoploss values and to place the pending orders. The clear display makes the Simply SR convenient both for direct trading and for historical data analysis. The levels are calculated as close as possible to the way they are seen by a trader, and to the way the zigzags move during the graphical plotting. Thus the Simply SR is suitable for all timeframes and tools. The calculation buffers are organized in order to facilitate the use of the indicator in the Expert Advisors.
This is demo version, limited to USDJPY
Full version of the indicator is also available: https://www.mql5.com/en/market/product/13956
SimplySR is displayed as three blue bands above the price level and as the three red bands below the price level. Accordingly, thees are the closest potential support and resistance levels.
The support and resistance levels are used for placing the StopLoss/TakeProfit when making trades by market and for placing pending orders.
Strong levels are determined by the length of the corresponding line. Close adjacent lines also mean a strong level.
Simply SR indicates the potential position of the levels. When placing orders consider to the psychologically important lines (round) close to the levels, as well as the strength of the momentum the market volatility.
The SimplySR does not require any input parameters for determination and placement of the levels.
All the indicator parameters are used for notifying the trader:
The "On level breakdown" group - adjustment of the notifications when the price overcomes the support/resistance levels. The indicator can generate a sound alert, send an email or a "push" notification
The "On detect new level" group - similar settings for notifications when a new nearby support/resistance level is detected