Recruitment of participants Support Resistance Line Detector MT4

Support Resistance Line Detector MT4



The support/resistance detector indicator is a very powerful Forex trading indicator, it detects new support/resistance lines as soon as they begin to form, and sends buy and sell signals to mobile phones or emails. This trading indicator is very precise which allows the trader to find the right entry points, it can be used by beginners and professional traders for intraday and scalping.

Features

The indicator does not repaint and works on any timeframe and symbol.
The indicator is suitable for scalping and intraday trading.
Real-time alerts system, push alerts, email alerts, and visual on-screen alerts.

Parameters

======= Support / Resistance Line =======

Confirmation Candle: minimum candles of support/resistance levels.

=========== Sending Alerts ===========

When Displaying A New Line: send alert when displaying a new support/resistance line.
When Line Is Crossed In Opposite Direction: sending an alert when a support/resistance is crossed in the opposite direction.

============ Alert Types ============

Enable Sound Alert: message box alerts.
Enable Mobile Alert: mobile phone alerts.
Enable Email Alert: email alerts.
Show Vertical Line: display a vertical line when an alert is sent.

======== Moving Average Filter ========

Enable Filter: add a trend filter based on two moving averages to send signals in the trend direction only.
Short-Term EMA: short Moving Average.
Long-Term EMA: long Moving Average

Recommendations on usage

The best basic trading strategy in the market is to buy an asset when the prices are at the support level and to sell when the prices are at the resistance level. Here are some of the trading strategies using support and resistance levels: Range trading:
This is a trading strategy for trading sideways markets. These are markets that do not have a clearly defined trend.
Traders use this indicator to buy near support and sell near resistance, anticipating price reversals within the range. Breakout trading:
Support and resistance levels do not hold price hostage, it means they can be broken. Prices usually break after an extended period of consolidation, which presents traders with plenty of opportunities.



Entry Rules
Buy at or near the support level when the price approaches it and shows signs of bouncing back up (e.g., bullish candlestick patterns, oversold indicators like RSI, or positive divergence). Sell at or near the resistance level when the price reaches it and exhibits signs of a potential reversal (e.g., bearish candlestick patterns, overbought indicators like RSI, or negative divergence).

Stop Loss and Take Profit
Set a stop-loss order below the support level for buy trades and above the resistance level for sell trades. This helps limit potential losses if the price breaks out of the range. Set a take-profit order near the opposite side of the range. For instance, if buying at support, the take-profit level could be near the resistance level, and vice versa

Risk Management
Determine the appropriate position size and risk per trade based on your overall trading capital and risk tolerance. Range trading may involve smaller profit targets, so consider using a suitable risk-to-reward ratio.