You can now download the Important Support Resistance Price Zones Indicator for free on AtoZ Markets indicators gallery. With the indicator, you can see the most important support/resistance zones watched by many traders and institutions. Using this indicator, you will get to know a high probability of market reaction on the zones.
The concepts of support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis. Part of analyzing chart patterns, these terms are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction.
Support is a price level where a downtrend can be expected to pause due to a concentration of demand. As the price of security drops, demand for the shares increases, thus forming the support line. Meanwhile, resistance zones arise due to a sell-off when prices increase.
Once an area or "zone" of support or resistance has been identified, it provides valuable potential trade entry or exit points. This is because, as a price reaches a point of support or resistance, it will do one of two things – bounce back away from the support or resistance level, or violate the price level and continue in its direction – until it hits the next support or resistance level.
Important Support Resistance Price Zones Indicator works well on 15M, 30M, 1H, and 4H time frames and any currency pair.
How to trade with Important Support Resistance Price Zones Indicator?
The key aspects of the indicator are the most important support and resistance price zones watched by the biggest banks, financial institutions and many forex traders. The indicator will show you the most important price zones, where crucial price moves with profitable opportunities will occur. These price zones should monitor every professional forex trader.
There are many ways to trade the S/R zones and the indicator profitably. The most widely used strategies are:
- Range trading - trade pullbacks.
- Trade reversals as soon as supports become resistances or resistances become supports.
- Take profits or set stop-loss based on support/resistance zones.
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the top right corner of the screen.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “Important Support Resistance Price Zones Indicator” template to apply it on the chart.
Note: This indicator was developed by fxtradingrevolution. AtoZ Markets does not carry any copyrights over this trading tool.