Hey fellow traders! If you’re looking to sharpen your trading game, you’ve landed in the right place. Today, we’re diving into the Shved Supply and Demand Indicator for MetaTrader 5. This handy tool can help you spot key support and resistance zones, making your trading decisions a whole lot easier.
This is the MQL5 version of the Shved Supply and Demand indicator, initially crafted by Shved and later enhanced by eevviill7. You can check out the original code here.
One of the standout features of this indicator is the history mode. By setting the "historyMode" parameter to true, you can double-click on any point in the price chart to reveal support and resistance zones at that specific point. A big shoutout to Mr. Behzad Movaghar for this great addition!
This indicator is designed to work seamlessly across any timeframe you choose, giving you flexibility and control over your trading strategy.
Now, let’s get into the nitty-gritty of how it works. The Shved indicator utilizes fractals and the ATR (Average True Range) to pinpoint and illustrate significant support and resistance zones on your price chart. Here’s a breakdown of the different types of zones you’ll encounter:
- Weak: These are important high and low points in a trend.
- Untested: Major turning points that the price hasn’t revisited yet.
- Verified: Strong zones where the price has touched but failed to break through.
- Proven: A verified zone that the price couldn’t break at least four times.
- Broken: Zones that the price has successfully broken through (note: this doesn’t apply to weak zones).
Now, let’s talk updates! Here’s what’s new in the latest versions:
v1.1:
- Resolved compilation warnings and errors related to low bar counts on the chart.
- Verified that the zones align perfectly with the MT4 version.
v1.2:
- Introduced the history mode feature.
v1.3:
- Added a parameter for mobile notifications when prices enter S/R zones.
v1.4:
- Fixed support and resistance labels in history mode.
(Multi Timeframe Version):
- This version is designed to work across multiple timeframes, giving you even more versatility!
So there you have it! The Shved Supply and Demand Indicator is a powerful tool for any trader looking to enhance their analysis and improve their trading results. Give it a try and let me know your thoughts!
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