The Givonly SnR SnD R2 indicator MT4 plots support resistance levels from timeframes from H1 to W1 on the price chart.
How does SnR SnD indicator MT4 works?
The Givonly SnR R2 indicator MT4 plots daily, hourly, and weekly lines of support and resistance on the chart currently. This allows forex traders in identifying the levels of support and resistance for higher frames lower time frames charts.
Additionally, the indicator assists traders in determining the supply and demand zones. Because supply and demand zones are the top areas for reversal, they offer high-quality, profitable trades and have a lower risk. The Givonly SnR, SnD R2 abbreviates Support and Resistance and Supply and Demand.
The indicator is compatible with all intraday charts like weekly, monthly, and daily price charts. Resistance and support are the fundamentals of technical analysis; therefore, this indicator is suitable for forex traders new to the market. It is easy for new forex traders to recognise the resistance and support lines and then trade them successfully.
However, experienced forex traders may employ them to implement different strategies for trading that prove reverses, breakouts of lines, channels and even establish the divergences and convergences.
How to trade with the Givonly SnR SnD R2 indicator?
This EURUSD H4 chart illustrates the Givonly SnR SnD R2 indicator of MT4 working. The indicator displays support lines in BLUE, showing the lines of resistance RED. This indicator displays the hourly 4-hourly, Daily, and Weekly support and resistance lines on the current chart.
Buying and selling
Forex traders can trade by combining resistance and support lines with other technical indicators. The most effective strategy is to buy at the support line and a stop loss lower than the previous low of the swing. In contrast, the most profitable profit is at the following resistance line.
The same applies to forex traders. They can SELL when the price is at the resistance line and then target to profit at the following support line. Lines of resistance and support provide an excellent opportunity for trading at low risk. If a resistance or support line from two-time frames is matched at the exact cost and time, the resistance or support is more robust. The more times the support or resistance line is hit, then reversed, the more potent.
Forex traders can combine the resistance and support lines along with Fibonacci levels. The confluence of Fibonacci levels with the established lines of support and resistance creates Fibo levels more powerful. Technical traders can apply for resistance support and break out trading strategies using various indicators of technical nature.
Inputs of SnR SnD indicator MT4
The following table shows the indicator input parameter. Feel free to experiment with the settings for excellent results.
Conclusions
The Givonly SnR SnD R2 indicator MT4 is an amazing tool that plots the support and resistance automatically. It helps the traders to focus on the trading rather than working on identifying the levels. Download the free indicator here.
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