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Supply and demand zones are fundamental to a beginner forex trader's education. Even after years of development, these zones remain important as prices still react to them. However, the process of drawing these historical zones can be time-consuming, which is where the supply and demand zones indicator comes in.
The Supply and Demand Zones Indicator for MT4
The Supply and Demand Zones Indicator for MT4 accurately draws the supply and demand zones of a currency pair on the chart in white and grey colors. White indicates retouched zones, while grey signifies zones that are yet to be touched. Traders can even customize the indicator to display Fibonacci retracement between zones.
To use the indicator, traders can follow the same approach used for support and resistance zones, as supply and demand zones are essentially support and resistance levels. The predictability of these zones makes them advantageous for making trades, as traders can sell at supply and buy at demand. However, it's crucial to only trust the retouched zones (white-colored zones) as they have been tested at least twice, while grey-colored zones can only serve as potential reliable zones.
+ :Improving the Description of the Supply and Demand Zones Indicator Settings
+ To customize the Supply and Demand Zones Indicator, you can adjust the following settings:
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgItoHg0VrD3WoBxUQGBkLI7eNGv-t4tbfO9IEbBwoMuKg-OMGTRp0-pcdHIG6R9RoAYvD3B48vkgBK-HkmkaQPwXQNKrUr2QE7In-0w-72BB9-bl5vD460rFCNzpVQi1hdCF5Z0l8tPnE0-KsfllDKvT0q2L7npBLEur09hvHkt48KNO3dSh31T8gg/s730/supply-and-demand-zones-indicator-1.JPG
- TimeFrame: Select the timeframe for which you want to see the supply and demand zones on your chart.
- DrawZones: Turn this on to remove all zones from the chart.
- SolidZones: This setting adds or removes color from the zones.
- SolidRetouch: Turn this on to change the color of the zones that have been retouched.
- RecolorRetouch: This setting allows retouched zones to gain new colors.
- RecolorWeakRetouch: This setting allows weak retouched zones to gain new colors.
- ZoneStrength: This setting has no visible effect on the chart.
- NoWeakZones: This setting lets you add or remove weak zones.
- DrawEdgePrice: Turn this on to add currency pair prices at the edge of each zone.
- ZoneWidth: This setting has no visible effect on the chart.
- ZoneFibs: Turn this on to display a Fibonacci retracement tool at the right end of the chart when used with "HUDOn."
- FibStyle: This setting has no visible effect on the chart.
- HUDOn: Turn this on to put a triangle at the bottom left corner of the chart that points either upward or downward, depending on the price direction within two zones.
- TimerOn: This setting has no visible effect on the chart.
- LayerZone: This setting has no visible effect on the chart.
- LayerHUD: This setting has no visible effect on the chart.
- CornerHUD: Select the corner of the chart where you want the HUD to be displayed.
- PosX: Change the horizontal position of the HUD.
- PosY: Change the vertical position of the HUD.
- AlertOn: Turn this on to receive an alert when a zone forms.
- AlertPopup: Turn this on to show a popup for alerts.
- ColorSupStrong: Change the color of the strong supply zones.
- ColorSupWeak: Change the color of the weak supply zones.
- ColorSupRetouch: Change the color of the retouched supply zones.
- ColorDemStrong: Change the color of the strong demand zones.
- ColorDemWeak: Change the color of the weak demand zones.
- ColorDemRetouch: Change the color of the retouched demand zones.
- ColorFib: Change the color of the Fibonacci retracement.
- ColorHUDTF: Change the color of the HUD.
- ColorArrowUp: Change the color of the Up arrow.
- ColorArrowDn: Change the color of the Down arrow.
- ColorTimeBack: Change the timeback color.
- ColorTimerBar: Change the timer bar color.
- ColorShadow: Change the shadow color.
- LimitZoneVis: This setting has no visible effect on the chart.
- SameTFVis: This setting has no visible effect on the chart.
- ShowOnM1, ShowOnM5, ShowOnM15, ShowOnM30, ShowOnH1, ShowOnD1, ShowOnW1, ShowOnMN: These settings have no visible effect on the chart.
- PriceWidth: This setting has no visible effect on the chart.
- TimeOffset: This setting has no visible effect on the chart.
- GlobalVars: This setting has no visible effect on the chart.
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