Traders use support indicators to identify a price level at which the buying interest is high. When the price is nearing a support level, there is a shift from sellers to buyers. In other words, a support level is a low that a price has hit and continuously retested.
Before reading the article and writing your questions in the comments section, I recommend to watch this video. It’s not long but covers the biggest part of questions on the topic.
To determine a price level at which selling pressure overcomes buying pressure, traders use resistance indicators. When the price is coming closer to a resistance level, buyers are giving up their positions while sellers are becoming more aggressive.
What is the support/resistance level?
The support level is a level on a currency chart that the price retests multiple times and then starts to go up. I’s a level where a price stops falling because buyers are pushing the price back up.
Resistance level is a level that the price retests multiple times and ends up going down. It marks the level where the price stops rising.
ACD – Plots support/resistance levels.
Countback line – Plots support/resistance levels using lows and highs.
Distributive Pricing – Identifies the momentum of a currency pair price.
Gann Resistance – Plots a Gann Square and support/resistance levels.
Grid Builder – Plots psychological levels.
Happs Phases – Plots phase lines
Indtddemark3 – Visualizes multiple trading parameters
Jason Breakout Box – Identifies time ranges and take profit levels
Math System Trader – Plots support/resistance levels
MaxMinBands – Helps traders understand and assess the current market situation
MorningFlat – Tool to trade morning flat breakouts
Mouteki heartmono – Smart trading strategy
Murrey Math Black – Plots Murrey levels
Murrey Math Modified – Effective tool that uses Murrey theory
NRTR – Plots support/resistance lines and identifies take profits
P-Monthly – Month pivot points indicator that identifies take profits and stop losses
Price Channel Stop – Clever “envelope” indicator
Price Sound TS Dinapoli – Trades DiNapoli Levels
Signal Length – Plots channels
Sweet Spots – Plots support/resistance level
TAACH Chanels – Quick tool to plot channels
TLB OC – Simple indicator to identify alternative levels using closing prices
Tradechannel – Channel indicator that can plot Fibonacci Fans
Universal Ranger – Calculates and plots support/resistance levels
Univsrt – Indicator from an Arabian-language paid website
WeeklyPivot – Pivot points indicator