Shved Supply and Demand Indicator for MT4

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Shved Supply and Demand Indicator for MT4

Introduction to the Shved Supply and Demand Indicator

Many profitable traders use Supply and Demand or Market Flow types of strategies. Supply and Demand trading is based on the concept of trading on reversal signals forming on Supply and Demand Zones. Supply Zones are areas where price has previously moved up from with strong momentum, while Resistance Zones are areas where price has previous dropped from.

The Shved Supply and Demand Indicator is a trading tool developed to help traders identify Supply and Demand Zones which price may reverse from.

What is the Shved Supply and Demand Indicator?

The Shved Supply and Demand Indicator is a modification of the basic Supply and Demand Indicator.

It identifies support and resistance zones and shades the area which it considers as a valid support or resistance zone.

This indicator also identifies Weak, Untested, Verified, and Proven Support and Resistance Zones. It also labels these various zones and shades the zones with different colors for easier reference. As for the Verified and Proven Support and Resistance Zones, it also includes on the label the number of “Retests” the indicator has detected on the area.

Shved Supply and Demand Indicator for MT4

How the Shved Supply and Demand Indicator Works?

The Shved Supply and Demand Indicator detects the Support and Resistance levels using the same concept as the classic Supply and Demand Indicator. It uses the price swings that it detects as a basis for identifying the Support and Resistance Zones.

It classifies Proven and Verified Zones based on the number of “Retests”, which are price rejections of the area. Areas with three or more Retests are classified as Proven, while areas with one or two Retests are considered as Verified.

Untested Areas are areas that have no Retests yet but do not go against the direction of the trend.

Weak Areas are areas with no Retests and are placed opposite the direction of the trend.

How to use the Shved Supply and Demand Indicator for MT4

The Shved Supply and Demand Indicator has several indicator options which can be modified within its settings.

How the Shved Supply and Demand Indicator Works

It has options to show the Weak and Untested Zones using the “zone_show_weak” and “zone_show_untested” options.

It also has an option to show the fractals.

It also allows users to toggle the alerts and popups on and off.

How to use the Shved Supply and Demand Indicator for MT4

It also allows users to modify the color of the various Support and Resistance Zones.

Buy Trade Setup

When to Enter?

Open a buy order whenever price action shows signs of price rejection on a Verified or Proven Support Zone.

When to Exit?

Set the take profit target below the Resistance Zone above the entry price.

How to use the Shved Supply and Demand Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Open a sell order whenever price action shows signs of price rejection on a Verified or Proven Resistance Zone.

When to Exit?

Set the take profit target above the Support Zone below the entry price.

How to use the Shved Supply and Demand Indicator for MT4 - Sell Trade

Conclusion

This technical is a good technical indicator to base a trade setup on. Supply and Demand, as well as Market Flow traders can use this indicator as a basis for identifying their entry zones. The zones it identifies are also reliable since it has a method of identifying strong and weak support and resistance zones.

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