Zone Indicator for MetaTrader 5 Download - Free - [Trading Finder]

The Zone Indicator is a range detection tool in MetaTrader 5, providing the most straightforward way for traders to identify Support and Resistance levels. This tool is helpful for many trading styles and strategies, such as Price Action, where Support and Resistance levels play a crucial role. The Zone Indicator displays support zones with green boxes and resistance zones with red boxes on the price chart, making it easy to observe price reactions at these levels.

Zone Indicator Table

Buy Conditions with the Indicator (Support Level)

The chart of the AUD/USD currency pair in the 30-minute timeframe is shown below. On August 6th, after a price retracement, the price reaches the green box (Support) and reacts upwardly. Bullish Divergences can also confirm when the price reaches these levels.

Sell Conditions with the Indicator (Resistance Level)

The image below shows the Brent Crude Oil (BRN) chart in the 1-hour timeframe. On July 31st, after a price retracement, the price reaches the red box (Resistance) and reacts downward. Bearish Divergences can also be used for further confirmation when the price reaches these levels.

Zone Indicator Settings

• TF: The default timeframe is 60 (1 hour) or current.
• MaxBars: Maximum number of bars for calculation is set to 1000.
• Rcolor: The color of the resistance box is red.
• Color: The color of the support box is green.
• TxtColor: The text color is set to gray.
• Background: Set to false for hollow boxes.
• RectangleWidth: The width of the boxes is set to 2.
• RectangleStyle: The box line style is set to 0.
• TxtSize: Text size is set to 8.
• RectShift: The box shift size to the right of the chart is set to 10.
• AO settings: Oscillator settings
• MA1: The first moving average is set to 1.
• MA2: The second moving average is set to 5.
• The Metod_MA: Moving average method is Exponential.
• Price_MA: Calculations are based on the closing price (Close).

Summary

The Zone Indicator is one of the most straightforward tools for identifying reversal points. By combining these levels with other technical analysis tools such as divergences, time analysis, and volume, traders can distinguish between valid and invalid levels.