Support & Resistance MT4, Auto Draw Based On Swing High Low, Traditional SnR Level With Strength Label & Different Color
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Support & Resistance MT4
Auto Draw Based On Swing High Low
Traditional SnR
Level With Strength Label & Different Color
Traditional swing highs and lows
Perhaps the most important support and resistance levels are traditional swing highs and lows.
These are levels that we find by zooming out to a longer time frame, typically the weekly chart or possibly even monthly.
This is where we get a ‘bird’s eye view’ of the market and the major turning points within it.
What we want to do is simply identify the obvious levels that price either reversed higher or lower at and draw horizontal lines at them.
These levels do not have to be ‘exact’, they may intersect price bars or they may be zones rather than exact levels.
You can consider this the first step in regards to support and resistance levels and it’s the first thing you should do when analyzing any chart.
This indicator highlights a total of 5 types of the levels:
Weak zone – weak zone. There is no excess demand or supply close to these values. Accordingly, you should either avoid trading around them or do it carefully.
Untested zone – not yet tested zone. They include those supply and demand zones, from which the price has once made a strong and targeted move.
Verified zone – already tested (verified) level. These are the values where new interest in trading has been sparked 2 or more times. The indicator displays the number of retesting such formations on the chart. The higher the number of retests, the stronger the zone.
Proven zone – repeatedly tested (proven) pattern. As a rule, trading activity almost always resumes from these values even to the point when a level is broken out and the trend changes.
Turncoat zone – so-called “mirror” levels. Initially, such zones act as resistance/support. However, due to changes in supply and demand, the levels are broken out and used to trade in the opposite direction.
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