Supply demand zone confirm MT5
- Indicators
- Do Thi Phuong Anh
- Version: 1.0
- Activations: 5
Forex traders often observe increased market activity near Supply and Demand zones, which are levels formed based on zones where strong price movements have previously occurred.
The Supply Demand Strong Weak Confirm Indicator utilizes fractals and the ATR indicator to identify and plot support and resistance zones on the price chart. These zones are categorized as follows:
- Weak: significant high and low points in the trend.
- Untested: crucial turning points in the price chart that the price has not revisited.
- Verified: robust zones where the price touched previously but failed to break.
- Proven: verified zones where the price failed to break at least four times.
- Broken: zones that the price has successfully breached (not applicable to weak zones).
By setting the "HistoryMode" parameter to true, traders can double-click on any point in the price chart to view the Support and Resistance zones at that point.
Supply and Demand zones are more reliable indicators on higher timeframes, as lower timeframes tend to have more market noise. Additionally, the effectiveness of these zones increases with the frequency of price tests.