Support And Resistance Barry With Alerts Indicator

Support And Resistance Barry With Alerts Indicator

Support And Resistance Barry With Alerts Indicator For MT4 plots support and resistance lines on the forex price charts based on the previous history

The Support and resistance Barry with alerts indicator for MT4 marks support and resistance lines based on the previous history. This indicator helps forex traders to identify the best support and resistance areas to enter the markets. Moreover, these lines act as best stop loss and take profit points for an open position. As a result, forex traders can use this indicator for technical analysis and trading strategies based on support and resistance levels.

The indicator is easy to understand and works well for new and advanced forex traders. Additionally, this indicator can be placed in any chart time frame. Scalpers can use the lower time frames while intraday traders and short term traders can work by moving into higher time frames. Traders should note that this indicator re calculates and repaints based on the price changes in the support or resistance area.

Support And Resistance Barry With Alerts Trading Signals

The indicator plots blue dots for the support and red dots incase of resistance. The indicator plays an alert as the trading signal appears. Traders should exercise caution as the indicator repaints the last 3 bars. Once a support or resistance is formed, the signal actually appears upon the opening of the 3rd dot. After the third dot appears the indicator paints the previous two candles in the similar color. So, traders should continuously watch the dots and follow any changes in the support or resistance dots.

Traders should sell once the 3 consecutive red dots appear and enter buy position once 3 blue dots appear.

Conclusion
In summary, the support and resistance Barry with alerts indicator for MT4 is another exciting tool for forex traders using support and resistance to identify the entry and exit points.