Best TradingView Support & Resistance Indicators (For FREE)

you want to draw support and resistance lines on the chart every single time just like a pro to give yourself the best probability trade setups and to know exactly where those key price levels are if you aren't a pro you can actually use trading view to do this for you for free and I'm going to show you exactly how in this video I'll leave timestamps down in the description for the indicators that you can actually use on training view to get these price levels for you without having to do the work yourself if you are a beginner it's a great resource so first thing come to trading view I'll leave a link to trading view down below it's completely free as a platform to use this so a great resource right there then we can come to the asset we want to trade top left simple search search for the asset that you want to trade for me it's Bitcoin then we can go to indicators right here and we're just going to type in support the first one here is support and resistance levels with brakes now this is not just support and resistance levels it's also trying to give you areas where you could potentially trade those breaks of the support and resistance levels as well so if we just click this on right here we can see that the lines that I drew are actually very close to some of the lines and levels that we've got with this indicator as well so if you can't see support and resistance levels on the chart this is a great way of actually getting those without having to do the work yourself so let's take my support and resistance levels off and we can see them here what I would indicate as well is that some of these key price levels are very close so what you can do is go to the drawing tool on the left go to rectangle and you can see this right here maybe this is one price level so you can put that in next what we can do is go to the drawings right here horizontal lines or horizontal rays and you can see other key price levels see this one right here we have one two and three essentially around the same price so that is a great price level to trade so I'm going to click that now we can see maybe this is a price level we'd see one red line here and one red line here again they're not exactly the same so you could put a box right here as a price area that the trade may get to and we can see that now by turning this off so go to support resistance up here just click the I and now you've drawn perfect support and resistance indicators a support Zone a resistance Zone and a potential zone for the near-term trade that we seem to be coming down into right now what you can do as a Trader is check different time frames to see if the indicators change at all so if we click the I back on right here for support and resistance levels we can see those levels that we've used however if we go over to the the week chart and see on a longer time frame you will actually see that these indicators do change so we'll click the eyeball back on and we can see that this area right here that we got in the day chart is a little bit too high compared to this weak indicator indicators on higher time frames tend to be extremely strong in the way that they influence price action so let's move this box down here to where we would have got that previous resistance level for support and resistance and as you can see this has actually been a very good indicator for just a bit of resistance coming here so you can go down to the shorter or lower time frames and potentially make those trades into resistance if you shorted the resistance here you would have made some quick profits on that trade resistance going down into the next support level let's look at another indicator that can draw support and resistance levels on the chart for us without us having to do the work come to indicators type in bulgum key levels like this and click this indicator on now what we what we can see is it draws the exact same support and resistance lines more or less than we get with the Lux algo indicator you can see these support and resistance levels this is support to the downside as it gets broken you can see that the color changes so that support right here turns into resistance and we can see that fairly well playing out right here so what you can do is draw these on you can go there you can go right here and you can just click these on as really long uh higher time frame levels because that's what we've drawn around the week chart turn this off and we have them ourselves come down to the date indicator you're going to get different support and resistance levels based on trade over shorter time frames so we're going to turn the bulgum key levels back on and we can see many more support resistance levels for us and we can use these areas in key price levels to trade you can now turn these on this is key right here so bang we're going to do that you can see two different indicators right here where the price came in and that's important resistance a few times we can go down to this level so we're going to click that on and then potentially a level right here but we can see support turn to resistance so that seems to be a resistance level right here now we're going to very simply turn off this and now we have the support resistance lines that we can go ahead and trade right on the chart for us how to actually go ahead and trade support and resistance though well we can use Trends to our advantage and just use these key price levels that we now have on the chart come to indicators and then search for the EMA ribbon and you can use one of many of these I'm going to use this one right here EMA rib encrypt and what this is going to do is show us a few different exponential moving averages to give us the potential trend of the chart so as you can see during uptrends it's much better and highly probable to actually buy weakness when the price is above the moving averages you want to try and buy weakness sometimes you get caught out but that's trading you want to buy weakness right here you want to buy these levels and breakthroughs of the levels as the price is bearish when it's below the moving averages you tend to want to short strength so you have this right here moving into the support resistance level into the moving average ribbons you want a short strength during downtrends and you want to buy weakness during uptrends it's not going to work every time but you might get a better probability for your trade setups what we can do right here is see that we are having kind of wheat price action and the price is moving below the exponential moving averages so we can use these price levels as a guide for our trade you can see we're right up here at this resistance level for a few days and we just aren't very through it so maybe you can take advantage of that as a short position right here move the stop loss to a decent level maybe the swing high and then the take profit would be down at the next price level or maybe a little bit higher uh just so you get the trade done and you don't want to wait so that is a potential trade idea using Trends and the key price levels that we get from support resistance if you're looking at longer Trends and you think we're in an uptrend generally in the market then again what you do is by weakness so you can use this support and resistance levels to actually put in various trades maybe you don't want to short but maybe you think as we come down into this support level this would be an area for you to actually trade and go long because you're generally bullish in the market so even though we've had a week period maybe you want to go long here so you take a long position you put the stop loss at around about a decent stop-loss level so yes it's going to be some volatile volatility here you can look at these levels as well but the take profit would again be the price moving up towards these range highs as they're called so support and resistance two ways to play it depending on how you want to trade whether you think you want to lean towards being bearish or bullish in the market and waiting for the price to come to these levels to give yourself a higher probability trade setup if you are a crypto Trader check the deposit bonus down in the description to buy bit the trading platform I use also the crypto investor course with 300 plus trading videos details down below as well I'm James with moneytg cheers for watching and I'll see you in the next one

Channel: MoneyZG

Views: 6,653

Keywords: tradingview, tradingview indicator, tradingview support and resistance indicator, tradingview support and resistance lines

Id: Ct9sE2MSJko

Length: 7min 49sec (469 seconds)

Published: Thu May 25 2023