Supply and Demand Indicator
Fresh advanced indicator for creating an Expert Advisor (EA) for automatic multi-timeframe trading in MetaTrader 5.
Supply and demand Indicator for MT5 are one of the most basic things a beginner forex trader learns. These zones are so important that the price reacts to them even after many years since they appeared. And with this indicator, a forex trader might not have to worry about drawing all these historical zones one by one.
The indicator accurately draws the supply and demand zones of a currency pair on the chart.
The other zone is grayed out and indicates zones that are not yet affected. And somewhere in the settings, a trader can set up the indicator so that it displays the Fibonacci retracement between the zones.
How to Use the Supply and Demand Indicator
The supply and demand indicator is quite easy to use. Since these zones are basically support and resistance zones, you can use this indicator in much the same way.
The price often enters the supply zone and bounces down. And when it hits the demand zone, it bounces up. Thus, a trader can take advantage of this predictability and make trades on it. The rule of trading this way is to sell on supply and buy on demand.
Also, trust only tested and proven zones. The green and red zone is reliable as the price has tested it at least twice. The sea green and orchid areas are good for watching potentially safe areas.
Who is the indicator best for?
The supply and demand zone indicator is the best for all forex traders. Novice traders who have trouble recognizing support and resistance levels may find it more useful than those who do not.
Professional forex traders who draw their zones differently from how they appear on this indicator may find it less useful to them. However, the accuracy of this indicator cannot be denied, which is why it can be a useful tool for anyone who uses supply and demand in their trading.
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