- January 18, 2023
- Posted by: Forex Wiki Team
- Category: Free Forex Indicators
Support and Resistance Screener Pro Review
The Support and Resistance Screener Pro is a powerful tool that allows traders to quickly and easily identify key support and resistance levels on the chart. Designed specifically for professional traders, this indicator is perfect for those who rely on breaking through important levels as part of their trading strategy. With the ability to work on all timeframes, the indicator is highly versatile and can be customized to suit your specific needs. In the settings, you can adjust the period for determining highs and lows, as well as set the color and thickness of the lines displayed on the screen. The red line represents support, while the green line represents resistance. Whether you’re a beginner trader struggling to correctly draw support and resistance levels or simply looking for a more efficient way to do so, the Support and Resistance Screener Pro is the perfect solution for you.
Best Brokers List
The Support and Resistance Screener Proworks with any broker and any type of account, but we recommend that our clients use one of the top forex brokers listed below:
|BROKER NAME||REGISTER||Year Founded||Headquartered||Leverage||Minimum Deposit||Regulating|
|Register||2008||Cyprus||1:Unlimited||$10||CySEC, FCA, FSCA, FSA, BVI|
|Register||2011||London, England||1:500||$25||regulated by CySEC|
|Register||2006||Dublin, Ireland||1:400||$100||CBI, CSEC, PFSA, ASIC, BVIFSC, FFAJ, SAFSCA,ADGM, ISA|
|Register||2008||Port Vila||1: 1000||$10||VFSC|
Support and Resistance Screener Pro Settings
- Number of bars for analysis;
- Maximum color;
- Minimum color;
- Level width;
- Notification when a level is broken;
Support and resistance levels and their importance
Professional traders have long recognized the significance of important levels in the financial markets. When the price approaches these levels, it often bounces off and moves in the opposite direction. The two most important levels on the chart are support and resistance levels.
Resistance is typically located at the top of the current price, while support is at the bottom. It’s important to note that when a support level is broken, it becomes a resistance level and vice versa.
There are many tactics and strategies that rely on working with important levels, such as rebounding from levels and breaking through them. Setting take profits and stop losses at important levels is a common practice, as the price often reaches these levels before a reversal or bounce.
When working with any trending strategy, it’s best to place a stop loss behind the current support level if the trend is going up and behind the resistance level if the trend is going down. The importance of these levels cannot be underestimated and every experienced trader should use them as a main or additional indication of the market. However, it’s crucial to know how to correctly draw these levels to avoid mistakes.
Drawing important levels yourself can be time-consuming, but with our Support and Resistance Screener Pro, you can easily and quickly identify key support and resistance levels on the chart. Simply put the indicator on any chart, and it will automatically draw the levels in a matter of seconds. The screenshots below demonstrate the indicator in action. If you rely on levels as part of your trading system and are tired of manually drawing them, or you want to automate the process, Support and Resistance Screener Pro is the perfect solution for you
Download the Free Support and Resistance Screener Pro
We highly recommend trying Support and Resistance Screener Pro with ICMarket demo account. Also, familiarize yourself with and understand how this system works before using it on a live account.