The support and resistance indicator automatically displays important SR levels on the chart.
Resistance levels (zones) are shown on the chart in red, while support levels (zones) are shown in blue. Support levels indicate the possible interest of buyers when the price approaches them.
Resistance levels indicate the opposite – when the price approaches these levels, sellers may be interested.
Auto-drawing by the indicator of the actual levels of support and resistance allows you to save time and effort when analyzing the chart. This will certainly be a big plus for both professionals and novice traders.
The levels of SR displayed by the indicator can serve as a guideline for placing orders when closing positions (stop loss and take profit). They also help to determine the signals for opening trades.