KT Support and Resistance Levels MT5
When launched on the chart, It immediately scan the most significant extreme points across all the available timeframes and saves them for further analysis. A special algorithm then populates and iterates the stored extreme points for final selection.
This indicator plot four types of support/resistance levels:
- Super Strong Levels: These levels are the most substantial levels among all. Price is very likely to respect "Super Strong Levels" and often bounce back after testing them.
- Strong Levels: These are also substantial levels and price often respect them but not as much as their predecessor. If price breaks them with a significant margin, you can expect a continuation in the same direction.
- Moderate Levels: If you are a day trader, you should keep an eye on these levels. Immediate trade entries around these levels should be avoided to prevent unnecessary losses.
- Short-Term Levels: These are comparatively weaker levels plotted using a singular time frame analysis. If you are a day trader or scalper, you may use these levels to decide a stop loss and profit target.
- Filter out bad trades by avoiding trade entries around a significant support/resistance level.
- Automatically draw significant support and resistance levels using an advanced methodology and saves a ton of time every day.
- Prevent stop hunting by institutional traders by placing the stop loss before or after a support/resistance level.
- Include a multi-timeframe approach in your technical analysis without ever switching to a different time frame.