Identifying supply and demand locations is a skill every successful forex trader needs. The appropriate identification of these locations boosts the trader’s profitability. The I Supply Demand Zones Indicator best depicts these zones on an mt4 chart.
Support and resistance lines are similar to supply and demand zones. There is, however, a distinction between the support and resistance lines and zones. These zones have a broader range of demand and supply, as well as more support and resistance.
Furthermore, forex traders are not permitted to buy or sell from a single recognized support or resistance line. Most traders, however, join within a zone based on their trading technique. The indicator recognizes the best zones and draws them on the mt4 display automatically. The indicator removes the guesswork and allows the trader to identify them quickly.
Features of I Supply Demand Zones Indicator for MT4
Here are the features that this indicator offers:
- The indicator plots real-time supply and demand zones on the current chart.
- The indicator can identify multiple supply and demand zones on different timeframes.
- The indicator can send alerts when the price enters or exits a supply or demand zone.
- You can use the indicator on multiple timeframes and currency pairs.
- The indicator has customizable settings.
Buy And Sell Entries
For the buy entry, wait for the price to reach a demand area. Place your stop loss slightly below the previous swing low. Place the take profit based on your risk-to-reward ratio.
For the sell entry, wait for the price to reach a supply area. Enter when a red candle forms. Place your stop loss slightly above the previous swing high. Place the take profit based on your risk-to-reward ratio.
The I Supply Demand Zones Indicator for MT4 identifies supply and demand zones on the chart that are important when deciding to enter trades. Use the indicator in collaboration with other indicators to increase your chances of profiting from trades.