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 Indicator
- 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
Our Market Structure Systems
Market structure by definition is the simplest form of price movement in the market and is being to read it. It is basic support and resistance levels on the charts. These are levels, which are easily identified and hold until they don’t.
Our Market Structure System is composed from 2 main Indicators and every indicator has it's own Strategy :
|Indicator 1 Strategy : PR Support & Resistance||Indicator 2 Strategy : HV Support & Resistance Screener|
|Pr Support & Resistance Indicator identify important levels based on Swing Highs and Swing Lows.||HV Support & Resistance Screener Indicator identify important levels based on Harmonic Patterns and Ticks Volumes. |
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SAYADI ACHREF , fintech software engineer and founder of Finansya.