Support and Resistance Dashboard MT5

What is the Support and Resistance Dashboard MT5?

• The Support and Resistance Dashboard MT5 is a powerful tool for traders using MetaTrader 5, designed to identify and alert users about support and resistance (S/R) zones across multiple timeframes and symbols.
• This dashboard allows the scanning of S/R zones and pivot points without the need for tedious manual checks.
• It provides alerts when prices interact with these crucial zones, helping traders make informed decisions with ease. 📈

Features of the Dashboard

• Multi-Timeframe Scanning: Works across various timeframes from M1 to W1.
• Dynamic Alerts: Sends notifications as the price approaches or interacts with identified support and resistance zones.
• Strength Indicators: It displays the strength of each zone, categorizing them as weak, fresh, verified, proven, or broken.
• Pivot Point Identification: Calculates and alerts when prices break or return to daily, weekly, or monthly pivot point levels.
• Customizable Filters: Users can set up filters to ignore low-quality alerts and focus on high-probability setups.

How It Works

• The dashboard continuously tracks price movements and assesses them against defined support and resistance zones.
• When price approaches an S/R area, the dashboard focuses on various parameters, such as minimum candle height and candle body ratio, to determine the quality of the alert.
• By clicking on dashboard cells, traders can view the nearest S/R zones and pivot levels on a new chart, aiding in further analysis.

User Benefits

• Time Efficiency: Saves traders from manually checking charts, freeing up their time for other analyses.
• Enhanced Decision-Making: The dashboard provides clear visual cues, allowing traders to react quickly to market changes.
• Increased Accuracy: By utilizing strengths and weaknesses of S/R zones, traders can refine their entry and exit points more accurately.
• Accessibility: Works across all market symbols and allows real-time alerts, making it versatile and user-friendly. 🎉

Who Can Use the Dashboard?

• The Support and Resistance Dashboard is ideal for both novice and seasoned traders looking for a robust tool to simplify their trading strategies.
• Traders focusing on price action and those employing various strategies, such as scalping or swing trading, can benefit significantly.

Conclusion

• The Support and Resistance Dashboard MT5 stands out as a must-have tool for traders aiming to harness the power of support and resistance levels effectively.
• With its user-friendly interface and advanced features, it empowers traders to make decisions confidently in the ever-changing Forex market. ⚡️