The Givonly SnR SnD D R2 indicator for MetaTrader 4 plots hourly and daily support and resistance lines on the current chart. The indicator helps Forex traders to identify support and resistance levels on charts with lower time frames and higher time frames.
The indicator also helps traders identify supply and demand areas. The best reversal points are supply and demand areas. They offer highly rewarding trades with low risk. givonly SnR SnD Red 2 is an acronym that refers to support and resistance as well as supply and demand.
This indicator can be used on intraday price charts, including daily, weekly and monthly price charts. Technical analysis is based on support and resistance, so this indicator is ideal for Forex traders who are just starting out. New forex traders can easily spot support and resistance lines and then trade them successfully.
Advanced forex traders can still use them to confirm reversals and channel breakouts. They can also confirm trend lines and confirm convergence and divergence.
Givonly SnR SnD indicator for MT4 trading setups
This indicator shows the support line in blue and the resistance line in red. On the current chart, the indicator plots hourly, weekly, daily and 4-hour support and resistance lines.
Forex traders can use support and resistance lines to trade along with many technical indicators. The main method of trading is to buy at support levels with a stop loss below the swing low. The best place to take profits is at the next resistance line.
Forex traders can also sell when the price reaches a resistance level and then target the next support line to take profits.
Low risk trading is possible when you have support and resistance lines. A support or resistance line within two time frames of the same price is considered stronger. In fact, the more times a support or resistance line is touched and reversed, the stronger it is.
Forex traders can combine support/resistance lines with Fibonacci levels. Fibonacci levels are stronger when they converge with established support and resistance levels. Technical traders can use support and resistance to break out trading strategies using a variety of technical indicators.
The Givonly SnR SnD Indicator MT4 is a powerful tool that automatically maps out support and resistance. It allows traders to focus on trading rather than identifying levels.