The Synergy Pro ASR indicator for MetaTrader serves as a valuable tool for forex traders, particularly in identifying potential support or resistance zones within the price action. Here’s a breakdown of its key features and how traders might utilize it:
Key Points:
- Dynamic Support and Resistance: The indicator plots recent swing points as dynamic support (salmon-colored) and resistance (sea green-colored) levels on the chart, aiding in identifying potential reversal or continuation zones.
- Suitability for Different Trader Levels: It caters to traders across different skill levels – from beginners to advanced traders – and can be utilized for various trading styles, including scalping, day trading, and swing trading.
Trading strategies' Using Synergy Pro ASR:
- Trend Reversal: Traders may consider opening BUY/SELL trades when the price rebounds from the identified support/resistance zones. For instance, buying when the price bounces off a support zone or selling when it retraces from a resistance zone.
- Breakout Trading: Trading breakouts occurs when the price breaches and retests a previous support/resistance level, such as selling when a previous support turn into resistance after being broken.
- Confirmation with Price Action: It is recommended to use the Synergy Pro ASR indicator in conjunction with price action analysis or other technical indicators to enhance the accuracy of trade decisions.
Example Use of Synergy Pro ASR:
In the provided chart example, the breakout strategy or a SELL setup is illustrated. The SELL trade would have been executed after the price broke below the previous support zone, which later acted as resistance.
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Please use on demo account so you can understand how this indicator work then go for live.