AUTOMATIC Support & Resistance + Propulsion Candle Gap Target Indicator
Here we take a look at the support and resistance indicator for Metatrader that helps traders identify key levels in the market that price is likely to head for. The indicator automatically draws in key support and resistance levels from the daily, weekly and monthly timeframe, meaning you no longer have to manually find those levels and keep adjusting them on your charts. When trading, you will notice that price moves to and from support and resistance levels constantly and creates large strong moves called propulsion candles which act as easy targets for price to retrace to.
Propulsion gaps leave in their wake a target that price constantly moves back to over and over again, which are clearly shown in the video. These are drawn in automatically for you too, so you can see areas the price will move to and use them as targets in your trading.
This indicator identifies and automatically draws these levels onto your chart, so you can use support and resistance and propulsion gap targets in your trading analysis.
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None of this is meant to be construed as investment advice, it's for entertainment & educational purposes only.
All trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the investor’s initial investment. Only money that can be lost without jeopardizing one’s financial security or lifestyle should be used for trading, and only those individuals with sufficient risk capital should consider trading. Nothing contained herein is a solicitation or an offer to buy or sell forex or any stock, commodity or index. Past performance is not necessarily indicative of future results.
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HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
00:00 Overview of all Indicator Features
03:30 Propulsion Candle Gap Targets
09:50 Automatic Support & Resistance Lines
15:20 Plot Trade History On Chart
20:10 Symbol On Chart + Candle Countdown Timer
23:10 Settings For Propulsion Candle Gaps