The FXSSI Support and Resistance indicator for Metatrader 5 is a dynamic trading tool designed to identify significant support and resistance levels and display them as rectangular areas on your price chart.
This versatile indicator also provides valuable insights into market behavior by tracking the number of times the price revisits these support and resistance areas.
For instance, when the number “8” appears, it signifies that the price has interacted with that specific support or resistance area on eight different occasions.
The indicator supports all time frames and trading instruments offered by your MT5 broker.
Understanding the basics of support and resistance is essential when using this tool:
- A candle closing above a resistance area indicates bullish pressure, implying potential upward momentum in the market.
- A candle closing below a support area suggests bearish pressure, signaling the possibility of downward movement.
The following indicator inputs can be modified: level vertical width, levels frequency on the chart, display options, colors, and more.
Make yourself familiar with this technical indicator and test it first on a demo account until you fully understand how it works.
Download Indicator
FXSSI SupportResistance.mq5 Indicator (MT5)
Chart Example EURUSD M15
The picture below shows what the FXSSI Support and Resistance indicator looks like when applied to the MT5 chart.
How To Buy And Sell With The FXSSI Support and Resistance Indicator?
Find a simple trading example below:
Buy Signal
- Buy market condition: the primary trend must be upward.
- A buy signal is generated when the candle closes above the rectangular resistance area.
- Open a buy transaction and place a stop loss order below the most recent swing low.
- If the candle fails to close above the next key resistance level after multiple attempts, it is advisable to exit the buy trade at that point.
Sell Signal
- Sell market condition: the primary trend must be downward.
- A sell signal is triggered when the candle closes below the rectangular support area.
- Open a sell transaction and place a stop loss order above the most recent swing high.
- If the candle fails to close below the next key support level after multiple attempts, it is advisable to exit the sell trade at that point.
Download Now
FXSSI SupportResistance.mq5 Indicator (MT5)
Support & Resistance Trend Continuation Strategy For MT5
This strategy uses the FXSSI Support and Resistance Indicator to identify key price levels and the Trend Continuation Signal Forex Indicator to catch momentum in the direction of the prevailing trend.
Strategy Overview
Strong trends often pause or retrace near significant support or resistance zones before continuing.
This strategy waits for the price to pull back to these zones and then enters trades based on trend continuation signals.
Buy Trade Setup
- Identify a strong uptrend confirmed by higher highs and higher lows.
- Wait for price to pull back near a major support level indicated by the FXSSI Support and Resistance Indicator.
- Look for a buy signal from the Trend Continuation Signal Indicator (e.g., bullish arrow or alert).
- Confirm with a bullish price action pattern or candle close above the support zone.
- Enter a long trade with a stop-loss placed below the support level or recent swing low.
- Set profit targets near the next resistance level or use trailing stops.
Sell Trade Setup
- Confirm a strong downtrend with lower highs and lower lows.
- Wait for price to retrace close to a key resistance level marked by the FXSSI indicator.
- Enter a sell trade when the Trend Continuation Signal Indicator shows a sell alert.
- Look for bearish confirmation such as a candle close below the resistance zone.
- Place a stop-loss just above the resistance or recent swing high.
- Take profit near the next support level or use a trailing stop.
Tips for Effective Trading
- Use higher timeframes (H1, H4, Daily) to ensure reliable support and resistance zones.
- Combine with volume or momentum indicators to strengthen entry confidence.
- Be patient and wait for clear pullbacks to support/resistance before entering.
By combining the precise zone detection of the FXSSI Support and Resistance Indicator with the timely signals of the Trend Continuation Signal Forex Indicator, traders can better capture profitable trend continuation moves while managing risk around key price levels.
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the FXSSI SupportResistance.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
