The Critical Support and Resistance Panel was published back in June 2016. The creator, Wang Yu, has published over 50 indicators in the past and most of them seem to be well-received traders.
This particular Panel indicator has only had one update that was done after one month of its launch, so users can now download version 2.0 of the Critical Support and Resistance panel that can be used on the MetaTrader 4 platform.
Overview
The Critical Support and Resistance Panel is an intuitive graphic tool that can help users to monitor closely and manage critical support and resistance price points quickly and easily. All the information can be viewed on one panel making it easy to follow and take action at the right moment. Support and Resistance levels are used to identify price points on charts where, for a variety of reasons, the probabilities favor a reversal or a pause of a prevailing trend.
This indicator was designed to help traders monitor and take full advantage of critical support and resistance areas such as pivot support 1/2/3, pivot resistance 1/2/3, daily/weekly/monthly pivot, and daily open.
This indicator alerts the user once prices move close to these support and resistance warning areas that the users themselves can adjust beforehand. Apart from receiving a notification, users will also see the indicator panel change its color to red to make it more noticeable.
With these features, users will be informed and make the right decisions at the right time without having to constantly monitor charts all day long. To minimize the number of alerts users will receive, once notification of a particular support and resistance zone is sent, the next alert will be sent after 5 minutes to avoid numerous alerts being sent continuously that can be irritating for users.
Here are the main three features of this indicator; the ability to adjust the warning range for each type of critical support/resistance, the ability to select which critical support/resistance is to be used (if the user does not specify this, by default, all are selected) and the ability to adjust the position of the indicator panel.
Cost
Customers wanting to purchase this indicator can do so for $10. Unlike many other indicators available, this one cannot be rented out. Luckily there is a free demo version that can be tested before actually purchasing it.
Conclusion
Currently, there are no user reviews that we can share with you so we suggest any of you who would like to test this indicator out to download the free demo to see if this panel’s alerts and notifications can be beneficial to your trading.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/17122
