MT4 Support and Resistance indicator

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.

tag: SR

Platform: Metatrader 4

Download link: At the end of the post.

Table of contents

Introduction

#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.