The Support and Resistance indicator is a must-have tool for any trader looking to identify key levels on the forex market. This powerful easy-to-use tool quickly identifies key support and resistance levels on any chart. Traders can quickly see when price approaches these important levels and can adjust trading plans accordingly. The indicator is available for free download for the MT5 platform and can be easily downloaded and set up.
Support and resistance levels are important concepts in forex trading, as they represent the boundaries within which the currency pair’s price is likely to move. Support and resistance levels indicate the level in which buyers or sellers tend to enter and exit the market, and also are used to predict likely price movements. These levels are confirmed by trading volume, momentum and other technical indicators, and provide traders with significantly valuable information. Support and resistance levels can be used to help traders identify and make decisions regarding possible entry and exit points, as well as provide them with insight into the market’s trend direction. As such, understanding and correctly predicting support and resistance levels is essential for trading forex successfully.