Support & Resistance Breakout Indicator for MT5 Download — Free — [TFlab]

The Support and Resistance Breakout Indicator (SRBA) is a specialized tool designed for MetaTrader 5 (MT5) that aids traders in identifying pivotal price levels using pivot points.

💎source :
https://tradingfinder.com/products/indicators/mt5/support-resistance-breakout-free-download/

💎free indicator download:

https://cdn.tradingfinder.com/file/247872/support-resistance-breakout-arrows-mt5-by-tflab-v1-2.zip

This indicator delineates support levels in blue and resistance levels in red. Upon the price breaching these levels, it generates buy signals (blue arrows) or sell signals (red arrows), which are displayed as alerts on the chart.

Indicator Overview

Resistance Breakout Signal

In a 30-minute chart of Gold (XAUUSD), the market’s upward movement surpassed the resistance level at 2398.09. Following this breakout, the SRBA indicator displayed a buy signal (blue arrow) on the chart.

Support Breakout Signal

Similarly, in a 1-hour chart of Silver (XAGUSD), the market experienced a sharp decline, breaking through the support level at 29.157. Post this breach, the SRBA indicator issued a sell signal (red arrow) on the chart.

Indicator Settings

The SRBA indicator offers customizable settings to enhance trading accuracy:

• RSI_CCI_Filter: Enhances signal accuracy by integrating the Commodity Channel Index (CCI) and Relative Strength Index (RSI).
• RSI_Period: Defines the period for RSI calculation.
• RSI_OverBought: Sets the RSI overbought threshold.
• CCI_Period: Specifies the period for CCI calculation.
• CCI_Buy: Determines the CCI level that triggers buy signals.
• CCI_Sell: Establishes the CCI level for sell signals.
• Alerts: Enables or disables alert notifications.
• Alert_On_Close: Triggers alerts when a candle closes after crossing a defined level.

Summary

The Support and Resistance Breakout Indicator (SRBA) is a valuable asset for traders, facilitating market analysis by clearly displaying support and resistance levels on the chart. By integrating CCI and RSI indicators, it provides robust signals following the breakout of key price levels, thereby enhancing trading decisions.

FAQs:

❓What is the purpose of the RSI_CCI_Filter option in the indicator settings?

This filter aims to enhance the accuracy of the SRBA indicator by reducing weak signals and amplifying strong ones. It achieves this by applying filters based on the RSI and CCI indicators, ensuring that only valid and reliable signals are displayed on the chart.

❓Who is the SRBA indicator suitable for?

The SRBA indicator is versatile and suitable for all traders. However, it particularly benefits those interested in identifying support and resistance levels and trading based on the breakout of these levels.