Searching for an indicator that draws the support/resistance lines automatically! If anyone could help me out?

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Elbert · Accepted Answer

Fibonacci IndicatorOne of the most popular support and resistance indicators is the Fibonacci. This indicator draws horizontal lines on the chart that show possible support and resistance levels. It is best suited for trending markets as it anticipates areas where the price might resume the prevailing trend.Consequently, a downtrend allows you to anticipate resistance levels, while an uptrend will enable you to anticipate support levels.How To Use Fibonacci To Anticipate Support And ResistanceYou can use the Fibonacci tool and the other indicators on the Dominion Markets platform, cTrader. In the chart below, you can quickly identify support and resistance by finding significant swing highs and lows. Given that the trend is down, the indicator will help you anticipate resistance levels.Moreover, the major Fib retracement levels are 38.20%, 50.00%, and 61.8%. These levels show areas where the price might reverse. In our sample, the price pulls back to the 38.20% Fib retracement level. Here, it finds resistance before continuing lower, creating an opportunity to sell.

Searching for an indicator that draws the support/resistance lines automatically! If anyone could help me out?

1 Answer

1 Answer

Searching for an indicator that draws the support/resistance lines automatically! If anyone could help me out?

1 Answer

1 Answer

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