Super Support & Resistance

[bnf]

hello Scorpion,

Super S/R7 looks very interesting to me. I am wondering if you would be any chance to let me know how to use it. Have downloaded it today, and
it can be showned on my chart Euro/USD in MT4.

There needs to be slightly adjusted in the parameter of Super S/R7 because I am a day trader and am using only 5 min charts on Euro/USD or USD/JPY.

Would you mind letting me know how I can adjust the numbers in the parameter? ex. contract Step, precision, shirt bars, Bars count.

Also, how does this Support and resistance works?

Thank you for your reply.

[scorpion]

Hi, as the name implies, you instantly get the support and resistance lines automatically drawn for you. Traditionally, you would grab a line tool and draw by yourself, which is time consuming.

I suggest you play around the indicator with different settings; human learns faster that way. My intraday setup is on 30M chart with Step = 15, Precision = 5, Shift = 1. Bars is just the number of bars you want the indicator to cover.

Normally we use this in two ways. First, if the price breaks below support (blue), we go short. If price breaks above resistance (red), we go long. Second way, if price touches the support and bounces back up, we go long. If price touches the resistance and bounces back down, we go short. Of course, it's best used with divergence signal from RSI or MACD.

See attached screen shots.

Happy trading!

[bnf]

Hi Scorpion,

thank you for your kind reply with attached pics. They are very useful and easy to understand. I also appreciate for
your advice. I will work on chart.

Thank you very much again.

[generaldee]

A better entry rule imo would be that a candle must close outside a S/R line and the next candle moves 5 pips past that candles extreme point, my entry rules i use for manually trading breakouts on 15m charts gbp /usd

[bunglungchingdong]

Ok I know this is probably silly question but is this related to the hans123MV22EA or the Hans Breakout Indicator and if not is there an already compiled EA for the Super SR indicator?
Thankyou.

[$trader]

Hello Scorpion,
Thanks for the SR7 Indicator & it is much better than the Barry. What time frame do you say is the best for this indicator. I notice your charts show the 1Hr. Would 15 & 30 Min time frame work?

Several days ago I requested on this site an
indicator be developed for the 1234 Reversal
Patterns. Would you have the time to do this?
I see this as being a great indicator if it can be worked out. Thanks for your time & efforts coding indicators for everyone.


$trader

[castlebrook]

Hi Gazuz,
Did you get the EA working using the Super /R? If so can I please try it out?

[barosan01]

Very nice I'll try it....

[scorpion]

SR7 Fast gives signal 2 bars earlier than the normal SR7 does. This is good for day trader.

[imbear]

It look cool, Thank you for shere it.