Support and Resistance Indicator for Metatrader 4

Description

Support And Resistance are some of the most important concepts in trading. Almost every trading strategy keeps into consideration Support and Resistance levels and it is very useful to have a visual representation of them. MT4 Support And Resistance Indicator is able to calculate the levels of support and resistance and draw them on chart.

Why Is The MT4 Support And Resistance Indicator Useful

The Support And Resistance Indicator is useful to check some conditions before entering or exiting a trade.

During our trading activities we all have different strategies, however, support and resistance are present very often.

You can use Support and Resistance for:

Consider an entry signal, if the price is near a level you might want to wait to entry
Adjust your strategy, support and resistance can be often area when the price stagnate or bounces
Exit a position, these levels can be set as take profit or stop loss, or even trailing stop

Metatrader 4 doesn’t include a function to alert you when the price hits a specific levels and but Support And Resistance Indicator can do it.

When you mount the indicator in your chart you can setup the sensitivity and easily see the levels as horizontal lines.

Author credit: TexasPipster@ForexFactory

NOTE: This software is not affiliated with Tickstory. No support is provided for this software.