Best Fractal Support And Resistance Indicator

Best Fractal Support And Resistance Indicator

Fractal support and resistance indicator for MT5 helps forex traders BUY and SELL using breakout and failure of mtf levels.

The Fractal Support and Resistance Indicator for MT5 provides the forex trader with multiple time frame (mtf) support and resistance on a single price chart. Support and resistance levels become even stronger and more reliable when they correspond to different time frames, rather than just one. For example, H1 support and resistance become stronger if they appear at the same price level on the H4 price chart.

Using this indicator, Forex traders can identify multiple time frame (MTF) support and resistance on the current price chart and determine the best entry point for BUY and SELL.

The indicator works well on all intraday price charts, as well as daily, weekly and monthly charts. New and experienced forex traders benefit from this indicator in identifying bullish and bearish trends, as well as the best entry and exit points in the picture. Moreover, technical forex traders can use the indicator for automated trading strategies.

Fractal Support And Resistance Indicator For MT5 Trading Signals

The GBPUSD H1 price charts above show the Fractal Support and Resistance Indicator for MT5 in action. In addition, the indicator shows support in the form of blue lines, and resistance in the form of red dotted lines.

The two trading methods for trading support and resistance are breakout and reversal trading. However, both of these methods use price action to confirm additional confirmation.

If the price breaks the resistance level, traders expect a bullish trend and enter the market with a BUY trade. The stop loss is below the support level, and the take profit is at the next resistance.

Likewise, forex traders can place a SELL position indicating a bearish price trend if the price breaks through a support level. Traders should place a stop loss above resistance and take profits at the support level.

On the other hand, if the price fails to overcome the resistance, it indicates failure of the buyers. So, forex traders expect sellers to rally and start selling.

Likewise, if the price fails to break through support, it indicates that sellers are weakening and buyers are strengthening. This guarantees a buy trade as it means a bull market will follow.

Conclusion
Fractal Support and Resistance Indicator for MT5 provides the best entry points; they are necessary to determine stop loss and take profit levels. Moreover, they help forex traders identify bullish and bearish trends and their reversals, and buy and sell accordingly. In addition, the indicator can be downloaded and installed for free.