Scalp Tools Support and Resistance Levels is designed to do one thing, to identify the Support and Resistance levels. Usually, indicators that are specialized to do one thing are the ones that do this very well. Most successful trading systems are composed of a few specialized indicators for every aspect of the system. Even though the indicator name has the Scalp word, it is not limited just for scalper systems, most Price Action systems will rely on the Support and Resistance levels. This word is probably included in the name of the indicator for SEO purposes.
Nevertheless, the indicator has a perfect rating, has been developed long ago, on 9th September 2014. The latest iteration is version 2.7 updated on 5th December 2017. Scalp Tools Support and Resistance Levels is, therefore, a relatively old indicator that belongs to the paid category on the MQL5 market. Martin Fischer from Germany, the developer of this indicator has 23 products total with mixed ratings and a good part of them is free.
Overview
The tool offered is advanced, with a few very interesting features. The calculation for the important market levels is calculated automatically on several timeframes regardless of the trading instrument. Therefore, the indicator is universal. The usage is self-explanatory and the publisher has a youtube video presenting the indicator in just 1 and a half minutes. What we can see is that the design of the tool is in the form of a window with a menu. Support and Resistance lines are one of the few other options.
Timeframes available are from M1 to Monthly, the same as the MetaTrader 4 platform for which the tool is made. Here you can set the High Low distance in bars, or a range for which the tool will calculate the levels. The minimal difference in pips is also a definition parameter and the history used in the automatic analysis is defined by the bars or candles number. Interestingly, the analysis has the option to calculate levels at the cursor, as you move it. This is a unique feature that requires some coding and creativity. All parameters have the + and – buttons for ease of use. Such design does not make the tool eligible for testing in the MT4 tester module, although the tool such as this works at the moment of inserting, there is no point in testing the Support and Resistance levels through the simulation.
You will see the levels based on the settings and the evident levels based on the Price Action. Since the tool can differentiate the levels on multiple and simultaneous timeframes (traders can set H1 and Daily Support/Resistance levels on one chart), it increases the versatility. This indicator also uses round price levels as important Support/Resistance points.
https://youtu.be/_0jZ2bTS1Ag
Settings available for the tool (additional ones) are visual and the autosave function. Visuals are of course about the line width, color, type, about fond size, and so on. The autosave has the option to save periods and the symbols or to save only periods. This is quite handy, a trader will have the previously set parameters for each trading instrument.
Service Cost
Scalp Tools Support and Resistance Levels price is $30 to buy and $10 to rent for 3 months. You will have 5 activations per purchase and the demo is available. Note that the demo works only on the separate link provided by the developer. The Free Demo button will not give you the version that works offline.
Conclusion
Scalp Tools Support and Resistance Levels has only 5 reviews, but all have perfect ratings. It seems the tool did not receive much attention and popularity despite the advanced design. The most useful review is by Hailey stating:
”This is the handiest indicator and I wish all indicators were built on this principle. Click on it to see sup/res lines, click on it to remove. The support/resistance lines are right on the money. I put it on virtually every one of my templates! I don’t know the developer and I’m not getting a kickback on a $10 indicator. Just telling what I see. Great indicator.”
From our perspective, the tool is very handy but does only one thing and one that many traders can do without the need for an indicator. Therefore, the price of $30 could be a bit steep for a beginner and unnecessary for an expert (who probably already has his Support/Resistance indicator). However, in case your trading Price Action system does not have such an indicator, and you would benefit from one, Scalp Tools Support and Resistance Levels is a good choice.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/5965
