Zone Indicator for MetaTrader 5 Download — Free — [Trading Finder]

The Zone Indicator for MetaTrader 5 is a technical analysis tool designed to assist traders in identifying key support and resistance levels on price charts. By highlighting these zones, traders can better anticipate potential price reactions and make more informed trading decisions.

💎source :
https://tradingfinder.com/products/indicators/mt5/zone-free-download/

💎free indicator download:
https://cdn.tradingfinder.com/file/252426/zone-indicator-mt5-by-tflab-v1-2.zip

Key Features:

• Visual Identification: The indicator displays support zones with green boxes and resistance zones with red boxes directly on the price chart, simplifying the observation of price interactions at these critical levels.
• Versatility: Suitable for various trading styles and strategies, especially those that emphasize price action and the significance of support and resistance levels.

Indicator Specifications:

Trading Applications:

• Buying at Support: When the price approaches a green support zone, it may present a buying opportunity, anticipating a potential upward reversal. For instance, on August 6th, the AUD/USD 30-minute chart showed the price retracing to a support zone and then moving upward.
• Selling at Resistance: Conversely, when the price nears a red resistance zone, it might signal a selling opportunity, expecting a downward reversal. An example is the Brent Crude Oil (BRN) chart on July 31st, where the price retraced to a resistance zone before declining.

🔍Indicator Settings:

• TF: Default timeframe set to 60 (1 hour) or current.
• MaxBars: Calculations based on a maximum of 1,000 bars.
• Rcolor: Resistance box color set to red.
• Color: Support box color set to green.
• TxtColor: Text color set to gray
• Background: Option to set boxes as hollow (false).
• RectangleWidth: Box border width set to 2.
• RectangleStyle: Box line style set to 0.
• TxtSize: Text size set to 8.
• RectShift: Box shift size to the right of the chart set to 10.
• AO Settings: Oscillator settings with MA1 at 1, MA2 at 5, using
• the Exponential moving average method based on closing prices.

Summary:

The Zone Indicator offers traders a straightforward method to identify potential reversal points by marking support and resistance zones. When combined with other technical analysis tools, such as divergences, time analysis, and volume metrics, traders can enhance their ability to distinguish between valid and invalid levels, leading to more informed trading decisions.

FAQs:

❓ Can the Zone Indicator be applied to any asset?

Yes, all financial market assets exhibit support and resistance levels, making this indicator applicable across various markets.

❓Are the boxes drawn by the Zone Indicator fixed or dynamic?

The boxes adjust dynamically based on price movements, reflecting real-time changes in support and resistance zones.