VIP Dynamic Support Resistance Indicator
Best support and resistance indicator. Forex trend reversal indicator. Trend channel.
Description
The VIP Dynamic Support Resistance indicator for MetaTrader is the best forex indicator for trading dynamic support and resistance levels. It generates signals that are more efficient and beats trading with the moving averages as commonly used.
Before we proceed, it’s important to establish that dynamic support/resistance levels are slightly different from the regular horizontal and diagonal support/resistance. They are mostly identified in a trend channel unlike the traditional support and resistance levels common to many traders.
This is because dynamic support/resistance levels aren’t static like the horizontal/vertical ones. They are always moving and coincide with the current movement of price action. In essence, they are commonly found in a trending market.
The VIP Dynamic Support Resistance indicator uses historic price to automatically gauge the current movement of price action. This in turn provides potential levels that may likely act as dynamic support/resistance thereby increasing your trade entry/exit precision.
This MT4 indicator would be of immense help to both the novice and experienced traders to precisely identify dynamic support/resistance levels. It helps you to gauge price as it trends up or down the market.
What’s more, the indicator can be used with any trading style like scalping, day, and swing trading. The indicator works on any time frame – the lower time frames are best for scalping while higher time frames are ideal for day and swing trading.
How To Trade With The VIP Dynamic Support Resistance Indicator
The above picture shows how the VIP Dynamic Resistance indicator would look on your chart. The indicator draws three lines on the chart as price trends from one point to the other. The dark green line is the resistance bar, the fire brick line represents the support bar, and the dark golden dotted lines depict the mean of the support/resistance.
The VIP Dynamic Resistance indicator is best used in sync with price action for better trade efficiency. This gives more winning rates than just BUYING/SELLING blindly at every support/resistance level. Trade entries can be taken at any of the three lines of the indicator.
The above BUY signal was a double bottom formed on the dotted lines of the indicator which acted as a dynamic support level. A high probability BUY entry can be taken after the neckline of the double bottom is broken as shown on the chart above.
This is also similar to a SELL setup (as shown above). A potential SELL signal is generated after the price gets rejected at the dark green line dynamic resistance. You may consider taking a SELL entry after the price breaks the black bar to the downside.
Conclusion
The VIP Dynamic Support Resistance Indicator for MT4 helps you to trade trend reversal with more precision than other dynamic support/resistance indicators. Finally, this technical indicator is free to download.
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