MetaTrader 4 Regional Indicator Download - Free - [Trading Search] | Forex Indicator Download - MT4/MT5 Resources

The Area indicator is one of the powerful technical analysis tools in MetaTrader 4 that helps traders identify key support and resistance levels based on past price action behavior. The MT4 Lenel indicator marks resistance areas with red boxes and support areas with green boxes.

These levels can be used to determine key reversal points for optimal entry-exit positions and to set take-profit and stop-loss levels. This indicator is particularly useful in all markets, especially those with high volatility and rapid and unpredictable price changes.

area indicator table

Buy conditions using indicators (support levels)

The image below shows the EUR/NZD currency pair chart on the 1 hour time frame. After a downward trend, on August 1, the price reached the green box (SH1) drawn by the indicator at 1.8085. This area acts as support and after touching this area, the price rebounds.

Traders can look for reversal confirmations, such as candlesticks or classic reversal patterns, to open buy positions in marked areas.

Sell ​​conditions using indicators (resistance levels)

The image below shows a chart of WTI oil prices on a 1-hour timeframe. On August 1, the price rose and reached the red box (RH1) drawn by the indicator, with the price at $78.30.

This area acts as a resistance level and the price falls after hitting this area. Traders can look for reversal confirmations, such as candlesticks or classic reversal patterns, to open sell positions in marked areas.

Zone indicator settings

• Time Range: The default time range is set to 60, which is 1 hour.
• Maximum bar traceback: The maximum number of bars calculated is 1000.
• Rcolor The color of the resistor box is red.
• Color: The color of the support box is green.
• TxtColor: The text color is set to gray.
• Background is set to false for hollow boxes.
• RectangleWidth: The width of the box is set to 2.
• The rectangle style border style is set to 0.
• TxtSize text size is set to 8.
• RectShift The box shift size on the right side of the chart is set to 10.
• AO settings oscillator settings
• MA1 The first moving average is set to 1.
• MA2 The second moving average is set to 5.
• Metod_MA moving average method set to exponential (1).
• The price MA calculation is based on the closing price (Close).

Conclusion

Regional indicators are important technical analysis tools. It automatically marks support and resistance levels on the chart, eliminating the need for manual analysis. Traders can use this MetaTrader4 indicator with other technical indicators such as Moving Averages, RSI, Bollinger Bands, and fundamental analysis to confirm signals and improve trading accuracy.