Therefore, we used a freely available Fractal indicator to identify touches, which are also extreme levels of the price. Touch is a subjective concept since everyone interprets it in their way. In turn, the S&R indicator identifies the levels with the maximum number of price touches. For example, the Pivot Points indicator uses data from previous candlesticks for this purpose. There are many approaches to drawing support and resistance levels. The best timeframes to work with are M15-H1. However, the occurrence of new highs/lows within the range of a specific support/resistance can expand its height. The Support&Resistance indicator does not repaint. Resistance levels are marked in orange, and support levels are marked in blue.
The price range (height) of support or resistance areas depends on the spread between price highs and lows that the level goes through. It automatically spots the levels the price has actively interacted with before and draws them on the MT4 and MT5 chart as rectangular areas. The Support&Resistance Indicator aims to assist a trader in their everyday trading.
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