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Support and Resistance is one of the most important aspects in trading as they can determine key price points where major price action can potentially occur.
These key levels are well respected by Traders and buy and sell orders are strategically placed in the market accordingly.
That’s why it’s very important to know where potential support and resistance levels are likely to be so that we can execute strategic trade setups by respecting the key levels in order gain more confluence and increase our success rate.
When it comes to determining support and resistance levels, we can draw them manually, but I prefer the “smart” approach to my trading, because I don’t like to waste unnecessary time on technical charts.
So here’s a fantastic indicator that automatically displays very accurate support and resistance levels on any chart and time frame.
It’s a trading view indicator within Trading View and it’s called “Support Resistance Classification (VR)” created by the big timers, none other than Lux Algo. Massive respect.
You can download it here for free in Trading View, by searching for “Support Resistance Classification (VR)” in the indicators option.
Here’s some examples on how we can benefit from this great indicator.
See the screenshot below of GBPCHF on a 15 minute chart,
If we would’ve taken the buy signal near the support zone, we could’ve profited over 3 times our risk
And here, we can see, price failed to breakthrough multiple times, giving us some confluence that it may about to go downhill, and it did, with a sell signal being printed.
If we would’ve taken the sell signal near the resistance zone, again, we could’ve profited over 3 times our risk capital.
As you can see, the Support Resistance Classification indicator can be very a useful confluence indicator to add to your technical analysis process.
You can download it here for free in Trading View.