Lighthouse MT5

What is Lighthouse MT5?

• Lighthouse MT5 is a support and resistance indicator designed for the MetaTrader 5 platform.
• The indicator precisely displays significant trading levels, adapting to the underlying time frame.
• When crucial levels are breached, the indicator intelligently updates their status - support can morph into resistance and vice versa. 🔄

Key Features

• Able to automatically adjust to different time frames, making it versatile for various trading styles.
• Immediate visual feedback when support or resistance levels are invalidated.
• Thicker lines indicate more critical levels, allowing traders to prioritize which zones to focus on.

General Settings

• Analysis mode may be set to various options: intraday, medium, or high time frames, with an automatic adjustment feature.
• The sensitive mode helps identify more support and resistance levels, particularly convenient for intraday traders.
• A customizable distance setting (measured in pips) determines the proximity of the current price to Lighthouse levels, displaying "WAIT" when close & "GO" when further away. 🚦

Graphical Settings

• Options to display SR check boxes and adjust color, font, and thickness of drawn lines to match personal preferences.
• Ability to choose whether to display levels behind or in front of candles for optimal visualization.

Notification Features

• Set alerts for when price approaches a support or resistance level, ensuring no trading opportunities are missed.
• Customizable notifications for any changes in the status of the support or resistance levels.

User Feedback and Interaction

• Users appreciate the immediate updates on support/resistance breaches and effective functioning across various timeframes.
• Some users have expressed their queries on how to optimize settings for their specific strategies and received prompt assistance.
• Overall, the tool has garnered positive reviews, embracing both novice and experienced traders in its community. 🤝