The SRVector indicator is now available in MetaTrader 5. This indicator works based on short-term resistance and support levels. The indicator gives signals for two different market figures (Signal 1 and Signal 2), which can be disabled or enabled in the input parameters. When the signal is given, the recommended StopLoss setting level is displayed, which can then follow the price (according to the Trailing Stop principle).

Signal 1 is not recommended for use on timeframes older than H1. Signal 2 is not recommended for use on timeframes younger than M15.

The indicator draws arrows on the first signal (Signal 1) at the opening of the current bar, on the second signal (Signal 2) – when the price crosses the resistance or support level.

Common

• Type Signals – select signals. You can use both signals (All_Signals), only the first one (Only_Signal_1) or only the second one (Only_Signal_2);
• Type message-type of notifications: to the expert journal (Journal), to email (EMail), to the mobile terminal (MT_Mobile) or to disable (MessageOFF);
• Give sound signal – sound signal;
• Give alert – an alert.

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The message indicates the symbol, the direction of the signal (BUY or SELL), and the recommended Stop Loss level.

Signal 2 Parameters

• NumBar (Signal 2) – the number of bars to break the SR levels. The recommended range of values is from 2 to 4. The higher the NumBar value, the more frequent the signals are received;
• OnlyTrend-filter trading by trend. The presence of a trend is estimated by the last three levels of SR;
• WidthSR – the minimum distance between the SR levels in points.

• When trading, use the Stop Loss indicated by the indicator;
• Take Profit is determined by the trader;
• if the indicator no longer indicates the Stop Loss level and the Take Profit on an open trade has not yet been reached, close the trade on the first profitable opening of the bar;
• follow the Trailing Stop trade along the indicator line;
• do not enter a trade against the trend, open a position on the trend or with a sideways price movement.

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