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Support Resistance Propulsion Targets MT5

Automatic Support & Resistance Lines

  • The indicator draws the most recent support and resistance levels automatically from the last 2 days up to 6 weeks and months ago.
  • Fully customizable look of these levels to suit your preferences.
  • Key levels act as major support and resistance zones where price will turn and either pull back or reverse.
  • These levels are also targets that price will head to, allowing you to see the potential distance available for a trade before it is likely to turn.

    • Propulsion Candle Gap Targets

  • Propulsion gap candles are strong, fast moves created by banks and institutions by executing large positions in any market.
  • These large candles serve two key purposes once they have formed:
  • They act as a directional signal, as large market participants have chosen a direction which price will often continue to move in for a period of time.
  • They act as targets as these areas will often leave other big players caught 'offside' in their positions, and price will retrace back to these levels the vast majority of the time.
  • Propulsion candle gaps are useful when entering trades, mainly for targeting purposes, so you can see where the most probable finishing point of a move will be.
  • These areas are re-tested more than 90% of the time within a short period.

    • Additional Features

  • Display the instrument and timeframe on your chart, useful for future analysis of your trades if taking screenshots.
  • Automatically plot your past trades on your chart, so you can analyze past performance and see how good your entries and exits were to help you improve.
  • Show your breakeven or average price level and pips in profit, useful for traders that scale into and out of positions with multiple trades.
  • Candle countdown timer displays the amount of time left before the current candle closes on the timeframe you are looking at on your chart, very useful for scalpers or those that only enter trades when a candle has closed.

    • Practical Applications

  • Traders can use these features to make informed decisions based on the high probability of price movements towards these key levels.
  • Knowing where price is heading with a high degree of certainty can be hugely beneficial for making important decisions if you trade based on risk:reward.
  • If you are targeting a certain risk:reward ratio with your trading, but you cannot see a potential propulsion candle gap target within your range, or you see one which is too close, this can help you decide whether a trade is viable to take or not.

    • Customization and Flexibility

  • Customize the look of support and resistance levels to suit your trading style.
  • Adjust the number of levels shown to avoid cluttering your chart.
  • Use the indicator in conjunction with other trading strategies to enhance your trading decisions.

    • Conclusion

  • Support Resistance Propulsion Targets MT5 is a powerful tool for traders looking to identify key levels and potential price targets with a high degree of accuracy.
  • With its automatic drawing of support and resistance lines and identification of propulsion candle gaps, traders can make more informed decisions and improve their trading performance.
  • Additional features such as displaying trade history and breakeven levels further enhance its utility, making it a valuable addition to any trader's toolkit.

    • Get ready to explore 'Support Resistance Propulsion Targets MT5,' an indicator that promises to draw support and resistance levels automatically. With features that sound too good to be true, we'll dig deep to see if it really delivers. Spoiler: It's not all rainbows and butterfl ...

    Release Date: 09/05/2023

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