Time Box Indicator
Shows daily, weekly & monthly high, low, open & median prices on MT5 charts. Spot key support/resistance levels, breakouts & trend reversals in forex & stocks.
Description
The Time Box MT5 indicator is an automatic price level scanner; designed to help scalpers and intraday traders find reliable support/resistance levels.
This indicator helps technical traders get useful price information about the daily, weekly and monthly high, low, open and median. It also draws rectangles and outlines key areas with horizontal lines.
Anticipating potential price levels, you can use the Time Box line as support and resistance. These levels work equally well in both short-term and long-term trading. Based on a price action strategy, buy-sell signals located near solid market action areas have a higher probability of success.
This interactive trading guide explains how the Time Box MT5 indicator helps forex and stock traders track key trend reversal and breakout zones.
How to determine buy-sell signals using the Time Box Indicator MT5
The Time Box MT5 indicator is a multifunctional price level analysis tool. The box in brown shows the daily box. The other green and red rectangles represent the weekly and monthly boxes.
Each field shows the opening, high, low and median levels of prices of the corresponding timeframe. The median level is an important area for intraday traders. You can look for possible price breakouts once the market starts to wander around this level.
The box high and low helps you anticipate stop loss targets and limits for your trades. For example, you placed a buy order based on a bullish breakout of the daily, weekly, or monthly median. Under such conditions, you can place a stop loss below the low of the respective box and target an exit near the high of the box.
We recommend that you start with one specific price level analysis field at the very beginning. For example, if you get used to the daily box, you can easily start switching to weekly and monthly trading strategies.
Conclusion
The Time Box MT5 indicator is an essential tool for technical price action traders in forex and stocks. It allows you to automatically mark any important price levels on the daily, weekly and monthly charts. These levels can serve as important support and resistance for scalpers and intraday traders.