MT4 Support and Resistance indicator is an indicator which automatically identifies horizontal support and resistance levels.
These support and resistance levels can be key price levels which traders can base reversal trades or breakouts based on strong momentum.
Platform: Metatrader 4
Download link: At the end of the post.
#1 MT4 Support and Resistance indicator
How does it work?
This indicator makes use of an underlying Fractals indicator as a basis for identifying minor pivot highs and pivot lows. It plots a red dotted horizontal line whenever it detects a bearish fractal, and a blue dotted horizontal line whenever it detects a bullish fractal.
Below is a chart comparing fractals and the support and resistance levels identified by the indicator.
How to use
When to BUY
Open a buy order as soon as a bullish momentum breakout candle closes above a resistance level identified by the Support and Resistance indicator. Set the stop loss on the support below the entry candle.
When to SELL
Open a sell order as soon as a bearish momentum breakdown candle closes below a support level identified by the Support and Resistance indicator. Set the stop loss on the resistance above the entry candle.
Input set up
Download MT4 Support and Resistance indicator for free
#2 Using Pivot point and S/R line for trading
Input set up
How To Install Custom MT4 Indicators On Mt4 (6 Simple Steps)
Step 1: Download The Indicator To Your Computer
Step 2: Go To Your Mt4 Trading Platform And Click “Open Data Folder”
Step 3: Click open the “MQL4” folder
Step 4: Click Open the “Indicators” Folder
Step 5: Paste The Custom MT4 Indicator Into The “Indicators” Folder
Step 6: Close Your MT4 Trading Platform And Then Restart It
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