PR Support And Resistance for MT5
PR support or resistance levels are formed when a market’s price action reverses and changes direction, leaving behind a peak or trough (swing point) in the market. Support and resistance levels can carve out trading ranges. The indicator identifies the Swing High and Swing Low based on X amount of bars ( Period ) defined in the indicator set.
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A key concept of technical analysis is that when a resistance or support level is broken, its role is reversed. If the price falls below a support level, that level will become resistant. If the price rises above a resistance level, it will often become support.
Horizontal support and resistance levels are the most basic type of these levels. They're simply identified by a horizontal line :
- Green Level in the chart, is Resistance Level.
- Red Level in the chart, is a Support Level.
Our Support and resistance are used to identify key levels where the trend in price has a greater probability of halting and possibly changing direction. It can be a specific price or price area. Interpretation of the degree of significance of a level depends on a trader's time frame.
Documentations ( Instructions )
All the PR Support and Resistance indicator, documentations ( Instructions ) are available in this post in our MQL5 Blog : Click Here.
Advantage of PR Support and Resistance
- Working with all pairs ( Forex, Crypto, Indices, and commodities )
- Working with all timeframes. ( Recommended time frame : H1 and H4 timeframes )
- Alert generator. ( Pop-up alert, Push Notification Alerts...etc )
- 100% Free Indicator
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If you have some questions or if you need help,contact me via Private Message.
SAYADI ACHREF , fintech software engineer and founder of Finansya.