Recruitment of participants KT Support and Resistance Indicator MT4

Indicator KT Support and Resistance Indicator MT4



Use of support and resistance in systematic trading is very subjective. Every trader has their own idea and way of plotting the support and resistance levels on the chart.

KT Support and Resistance indicator take out this ambiguity out of the situation and automatically draws support and resistance levels following an algorithmic approach using a unique multi-timeframe analysis.

When launched on the chart, KT Support and Resistance indicator 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.

Applications

• 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.

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