Can somebody please tell me the best and free mt5 indicator for static support and resistance?
Why would you want an “indicator” to show support and resistance? All you need to do is look at the prices. “Support” is the area of swings low by price bars. “Resistance” is the area of swing high by price bars.
Indicators are derived from prices anyway, and they can sometimes make things easier to see. But not with support and resistance. All you need to do, to identify those, is to look at the prices rather than rely on something “second-hand” or “remote” or “inferred”.
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Bill Williams 5 candle fractal.
The bottom of the swing is support and the top of the swing is resistance.
The higher the timeframe, the more reliable the support and resistance.
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Thank you for explaining support and resistance so clearly! I understand that they can be identified by looking directly at the swing highs and lows on the price bars. However, I was wondering if you could clarify something for me: how many bars should typically be displayed to effectively identify these swings?Also, does this number change based on the time frame being used (e.g., 1-minute, 1-hour, daily)? I’d appreciate any insights or guidelines you can share.
Hi @Waqarhajano,
You have to describe your trading method before looking at Support & Resistance (SnR), especially when you are mentioning indicator.
If you are referring to SnR in common term, you have to pick a good time frame (TF). Different TF will have “noise” with SnR. That’s due to many parties involve in trading are using different TF. You can learn SnR from higher TF, such as Daily Chart. Once you understand TF in daily chart, you can go down lower TF, but still considering higher TF in mind.
This is a proper way to learn SnR. Hope it will helps 
It depends on the timeframe.
The important to thing to understand - and it’s badly and wrongly explained all over the web on trading sites and in forums - is that repeated “touches” of lines or areas of support and resistance actually WEAKEN the s/r.
They don’t strengthen it, as so many people seem very mistakenly to believe.
(That’s because of the positioning of many people’s stop-losses).
So each time the price bars rise up and test a line or area of resistance and move back down, that’s actually slightly increasing the chance that some time soon, they’ll break through it. I don’t quite know why so many people get this the other way round, but they do!