TradingView is a social networking platform that allows traders the opportunity to show other traders investment ideas and talents. You can learn more about support and resistance indicators strategies by seeing what other traders are doing. On TradingView, traders can also share their ideas and discussion regarding topics of trading with other newbies. This prevents loneliness in trading.
In the world of trading, indicators are calculations, marked, and plotted on a chart that assists traders to understand the existing trends in the market. Whether your interest lies in futures or forex, market analysis is an important aspect of the strategy. There are many kinds of indicators in the market. These are lagging and leading indicators.
What Are Support And Resistance Indicators?
A few indicators, such as the Fibonacci tool, moving average, and pivot points, are used to understand the supply and demand areas at certain timeframes. This is dependent on the trends. This is why it is known as a support and resistance indicator.
Now that we know the meaning of both parts of our topic let’s dive into the best support and resistance indicators on TradingView specifically.
Moving Averages As Support Resistance MTF
Moving Averages of specific numbers are more important than others. The following lengths are important: 50, 100, 150, 200. The S/R, probably reversal points, and direction of the trend can be figured out with the help of moving averages. Moving averages can be checked in greater time frames also.
This script is useful in understanding the trend. One line for resistance over the price another line for support under the same price indicates the length, average of type, S/R value, and time frame.
You can set a greater time frame if you are interested in viewing the moving averages of a greater time frame. You can choose to show exponential moving average or simple moving average and whether you wish to include the current time frame or not. In case you choose to view the moving average of both the current as well as greater time frame, the chart happens to look very cluttered.
In this script, you can see when exactly the S/R line has broken. You will get an alert. You can also change the style of the line and color.
This Support and Resistance indicator on TradingView is comparatively recent. This indicator finds tops and bottoms with the help of Murrey Math formulae. Further, the tops and bottoms are utilized to form Fibonacci retracement lines. The ratios of Fibonacci appear to be more accurate than the Murrey Math ratios. But the Murrey math formulae are great in calculating the correct place for beginning to plot lines.
Therefore, this script has combined the good of both these formulae.
Pivot Support And Resistance Finder
This particular Support and Resistance indicator on TradingView talks about horizontal Resistance and Pivot Support. There are a total of 4 horizontally placed lines that reach to the right. The high as well and low pivot candles are labeled. It also shows you the S/R, which is presently forming.
You can also choose how many lines you want in the present time frame.
Also, the settings have a few options. You can extend the lines. You can choose the present timeframe levels to be visible or not. You can choose to change the colors. You can also change the pivot settings in the timeframe.
Borjas Tarh Horizontals S/R
This support and Resistance indicator on TradingView automatically plots the Support and Resistance.
You can change the numbers based on every timeframe in the settings. Pivot length is the total amount of bars you need to find a pivot. Max breaks are the times a line is allowed to break before it is invalidated.
Murrey Math Lines
These lines are the lines of support and resistance based on geometric math formulae. These were formulated by H.Murrey. Murrey Math lines are derived from the observations made by W.D.Gann. From Gann’s observations, the prices retrace in every 1/8th interval.
Important Murrey Math lines include the 0/8, 4/8, as well as 8/8. These lines give good support and resistant points. The low and high are represented by the 3/8 line as well as the 5/8 line.
If the price is more than the average trading range, we can say it is overbought. When it is lower than the average trading range, we can say it is oversold. Good pivot points are represented by 2/8 as well as 6/8 lines.
This support and resistance indicator is consistent with other Murrey Math indicators from other different platforms. Additionally, this indicator lets traders change to alternate timeframes for understanding and analysis. The Murrey Math lines also have labels.
Bollinger Band + Multi EMA, SMA
This support and resistance indicator on TradingView uses all timeframes. This indicator includes Trend follow, pullback catch, as well as market bounce.
There are three kinds of trends: long, mid, and short trend.
Pullback catch for EMA is used to take care, save, as well as alert areas or zones.
Bollinger bands can be used to view the re-bounce point in the market.
This support and resistance indicator can be used to view Pullback, trend, the market bounce, as well as support and resistance level.
This support and resistance indicator on TradingView can trace the Fibonacci lines on its own, automatically. After the levels are traced, lines can be drawn, and the support and resistance zones and levels can be identified.
The best way to use this indicator and the new paradigm Fibonacci is by not selecting the fibo that do not have hits.
The Fibonacci timeframe can be changed from 1 day to 1 week.
Now that you have an idea of the best support and resistance indicators on TradingView, we hope you will benefit immensely as a trader. Whether you are a newbie or an experienced trader, keeping an eye on trends is vital and should not be taken lightly. Indicators are of great assistance to any technical trader and can give you insight into price trends.