MT4 Best Points Indicator Download – Free | Forex Indicator Download – MetaTrader 4 Resources – MetaTrader 4 Resources

The Sweet Point indicator is designed to plot psychological price levels or round numbers. Price often reacts to these levels because many traders and financial institutions use these areas to set their take profit and stop loss levels .

These levels are shown on the chart as major and minor levels and play an important role as support and resistance zones.

Sweet Spot Indicator Specification Sheet

The table below contains the specifications of the sweet spot indicator.

Overview of sweet spot indicators

The levels plotted by the Sweet Points indicator are key psychological levels that often serve as price reaction points. When price hits these levels, traders can establish a buy or sell position using the Price Action Strategy .

bullish trend conditions

On the 15-minute time frame chart of Solana (SOL), the price hit a clear level and started moving higher.

As shown in the chart, the blue line acts as a support level and provides traders with suitable entry opportunities.

Bearish trend conditions

Looking at the 30-minute chart of the NZD/USD currency pair, the blue line acts as resistance and the price started falling after touching this line.

According to the chart below, the presence of a pin bar followed by a strong bearish candlestick can serve as a warning for a sell trade setup.

Sweet spot indicator settings

The settings for the Sweet Spots indicator are as follows:

• NumLinesAboveBelow: Number of lines above and below the current price
• SweetSpot Main Level: Distance Between Major Price Levels
• LineColorMain: Color of the main horizontal line
• LineStyleMain: The style of the main horizontal line
• ShowSubLevels: Enables the display of sublevels
• Sublevels: distance between sublevels
• LineColorSub: The color of the sub-horizontal line
• LineStyleSub: style of sub-horizontal line

Conclusion

The Sweet Point indicator is a widely used tool in technical analysis to automatically mark key price hit levels on a chart.

These levels are often key areas of support and resistance where prices tend to react.