KG Support and Resistance Indicator Download for MT5 - Free - [TFlab] | Forex Indicator Download - MetaTrader 5 Resources

The KG Support and Resistance Indicator is one of the trading aid indicators in MT5 . With its custom settings, this indicator displays support and resistance areas from different time frames in distinct colors on the chart.

The plotted levels are great for analysts because price often reacts in these areas. But it's important to note that once these levels are broken, they lose validity and will no longer be plotted on the chart.

KG Support and Resistance Indicator Setup Chart

The features and functions of the KG Support and Resistance Indicator include the following.

Indicators at a glance

This indicator allows users to customize support and resistance levels . Four different time ranges can be selected to display these levels in the settings section. Additionally, options are provided to modify the area's color, shape, and display type.

The KG indicator's support and resistance zones occur simultaneously on all time frames.

Uptrend Conditions

An analysis of the 30 minute Gold to US Dollar (XAU/USD) chart shows that the level indicator plotted by This plays a significant role in support.

Price initially hit the 1 hour support zone (light green) and then moved into a bullish trend .

downtrend conditions

In the analysis of the New Zealand Dollar to US Dollar (NZD/USD) currency pair in the 1-hour timeframe , price is hitting the daily resistance zone (pink zone) , forming a bearish trend .

KG Support and Resistance Indicator Settings

Below is an explanation of the setup and configuration of the KG Support and Resistance Indicator:

Calculation settings

• Calculate Price (High/Low): Calculation is determined based on high and low points of price movement

Timeframe Settings

These parameters define the time frame in which the indicator should draw support and resistance lines:

• Time frame 1: 15 minutes
• Time frame 2: 1 hour
• Time frame 3: 4 hours
• Time frame 4: 1 day
• Show Prices (High/Low): Shows prices relative to drawn levels

Zone Color Settings

In the Color section, users can customize the color of support and resistance levels:

• Color 1,2,3,4: Define the colors of the four support and resistance levels

Zone Shape Settings

These parameters allow modifying the visual representation of support and resistance zones:

• Arrow Code 1,2,3,4: Defines the appearance of support and resistance zones 1, 2, 3 and 4

Size Settings

In the Size section, the user can set the size of the support and resistance zones:

• Size 1,2,3,4: Determine the size of areas 1, 2, 3 and 4
• Lookback: The calculation takes into account the number of past candles

Conclusion

The KG Support and Resistance indicator for MetaTrader 5 automatically draws support and resistance zones on the chart based on specified input parameters .

This trading tool highlights key price levels and allows users to customize zone colors and visual settings.

The areas plotted by this indicator are areas where price reactions are highly likely and can be used in the analysis of trading instruments in the Forex market and other financial markets .