The Support & Resistance Block Forex indicator for Metatrader 5 is an awesome price action based technical tool that shows a all support and resistance zones on the chart.
The indicator has a lot of functionality and input variables that can be easy modified.
Support and resistance zones can be used for trade entry, stop loss placement, take profit, etc.
Support & Resistance Block Indicator Colors Explained:
- A green colored block is support.
- A red colored block is resistance.
The following indicator inputs can be modified: time frame, back limit, history mode, show weak zones, show untested zones, show broken zones, zone ATR factor, fractal fast factor, fractal slow factor, colors, style, width, show alert window, play sound alert, send notification.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames, Forex pairs and any other trade instrument.
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The following chart shows how the Support & Resistance Block Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Support & Resistance Block Indicator?
Find a simple trading example below:
- In an uptrending market, wait for the price to retrace back into support (green block).
- Initiate a buy order and place your stop just below the lower support block.
- Exit the buy trade near prior resistance (red colored block), or wait for a sell signal.
- In a downtrending market, wait for the price to retrace back into resistance (red block).
- Initiate a sell order and place your stop just above the upper resistance block.
- Exit the sell trade near prior support (green colored block), or wait for a buy signal.
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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 Shved supply and demand v1.4 (mtf).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!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration