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- Support & Resistance Breakout Indicator for MT5 Download - Free - [TFlab]
Support & Resistance Breakout Indicator for MT5 Download - Free - [TFlab]
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The Support Resistance Breakout Arrows (SRBA) indicator is a tool for identifying price levels using pivots. The SRBAI indicator, designed for MetaTrader 5 (MT5), determines support levels (in blue) and resistance levels (in red). When the price breaks above or below these levels, it issues a buy signal (blue arrow) or a sell signal (red arrow) and displays these signals as alerts on the chart.
Indicator table
Indicator Categories | Support & Resistance - Signal & Forecast - Educational |
Platforms | Meta Trader 5 |
Trading Skills | Intermediate |
Indicator Types | Lagging - Breakout |
Time Frame | M1 - M5 - M15 - M30 - H1 - H4 |
Trading Style | Scalper - Intraday - Day Trading |
Trading Instruments | Forex - Crypto - Stock |
Resistance Breakout Signal
In the 30-minute chart of (XAUUSD), the market's upward movement broke through the resistance level by surpassing the price level of 2398.09. After breaking the price level, the SRBA indicator displayed a buy signal (blue arrow) on the chart.
Support Breakout Signal
In the 1-hour chart of Silver (XAGUSD), the market's downward movement sharply broke through the support level at the price of 29.157. After the support level was broken, the SRBA indicator displayed a sell signal (red arrow) on the chart.
Indicator settings
- RSI_CCI_Filter: Issues more accurate signals using CCI and RSI.
- RSI_Period: Select the RSI period.
- RSI_OverBought: Select the RSI overbought level.
- CCI_Period: Select the CCI calculation period.
- CCI_Buy: Select the CCI buy signal level.
- CCI_Sell: Select the CCI level for sell signals.
- Alerts: Turn on alerts.
- Alert_On_Close: Alerts when the candle closes after crossing the level.
Summary
The Support Resistance Breakout Arrows (SRBA) indicator helps traders analyze the market by displaying support and resistance levels on the chart. By combining the CCI and RSI indicators, the SRBA indicator shows powerful signals after crucial price levels are broken on the chart.
What is the purpose of the RSI_CCI_Filter option in the indicator settings?
This filter is designed to enhance the accuracy of the SRBA indicator by reducing the number of weak signals and amplifying the strength of strong signals. It achieves this by applying filters based on the RSI and CCI indicators, ensuring that only valid and reliable signals are displayed on the chart.
Who is the SRBA indicator suitable for?
The SRBA indicator is a versatile tool suitable for all traders. However, it particularly benefits those who are interested in identifying support and resistance levels and trading based on the breakout of these levels.