Givonly SnR SnD R2 Indicator
Givonly SnR SnD R2 indicator for MT4 plots the hourly, weekly, and daily support and resistance on the current chart.
CATEGORIES: MT4, LEVELS, INFORMATIONAL
Updated on: 09.10.2023
The Givonly SnR SnD R2 indicator for MT4 plots the hourly, daily, and weekly support and resistance lines on the current chart. Thereby, the indicator assists the forex traders to identify the support and resistance levels of higher time frames in lower time frame charts.
Moreover, the indicator helps the trader to identify the supply and demand areas. Since the supply and demand areas are considered the best reversal points, they provide highly rewarding trades with lower risk. The Givonly SnR SnD R2 refers to the abbreviation of Support and Resistance and Supply and Demand.
The indicator works on all intraday charts including the daily, weekly, and monthly price charts. Support and resistance are the basis of technical analysis, so this indicator is best suitable for new forex traders. New forex traders can find it pretty simple and easy to identify the support and resistance lines and trade them successfully.
However, advanced forex traders can use them to apply various trading strategies that confirm reversals, the breakout of channels, trend lines, and even confirm convergences and divergences.
Givonly SnR SnD R2 Indicator For MT4 Trading Setup
The above EURUSD H4 chart shows the Givonly SnR SnD R2 indicator for MT4 in action. The indicator displays the support lines in BLUE and the resistance lines in RED. The indicator plots the Hourly, 4 Hourly, Daily, and Weekly support and resistance lines on the current chart.
Forex traders can trade using the support and resistance lines in confluence with numerous technical indicators. However, the principal method is the BUY at the support line with a stop loss below the previous swing low. On the other hand, the best take profit is the next available resistance line.
Similarly, forex traders can SELL once the price reaches the resistance line and target to take profit in the next available support line.
Support and resistance lines provide an excellent opportunity to trade with minimal risk. If a support or resistance line of two-time frames matches at the same price, that support or resistance is considered stronger. In fact, the more times a support or resistance is touched and reversed it becomes stronger.
Forex Traders can combine the support and resistance line with Fibonacci levels. Because the confluence of Fibonacci levels to the established support and resistance lines makes those Fibo levels stronger. Technical traders can apply the support resistance and break out trading strategy with various technical indicators.
Conclusion
The Givonly SnR SnD indicator for MT4 is an amazing tool that plots the support and resistance automatically. Hence, it helps the traders to focus on the trading rather than working on identifying the levels. Moreover, the indicator is free to download and easy to install.
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