Support & Resistance indicator MT5 – Technical Analysis Tool for Traders

Support & Resistance indicator MT5 - Forex Expert Advisor by RobotFX

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A chart showing the Support and Resistance MT5 indicator.

This MT5 indicator’s fundamental concept is to identify rebounds between support and resistance levels.

S/R indicator main functions

The **S/R indicator**’s fundamental concept is to identify rebounds between **support and resistance levels**. The indicator has two input parameters: Period and Bars. A support level is the lowest low in the last period bars if this value is equal to the lowest low of the last Period+Bars. A resistance level is the highest high in the last period bars if it is equal to the highest high of the last Period+Bars. If both support and resistance levels exist and a rebound occurs (price is between these levels), then the chart will display both support and resistance levels.