Support and Resistance Indicator FREE Download Support and Resistance Indicator FREE Download

The Support and Resistance Indicator for MT4 is a very advanced indicator that can automatically draw support and resistance areas as well as trend lines. Support and resistance is one of the most commonly used Forex market analyzes by thousands of traders around the world.

• Using a completely unique calculation method
• Automatically draw support and resistance zones.
• Automatically draw trend lines.
• Shows a broken but still real trend line (dashed line)
• Calculates and displays the following:
  • Range of support and resistance zones in points
  • "Weight" of support and resistance zones (the higher the value, the more important the zone)
  • The distance between two adjacent regions in points
  • Length of the trend line (number of bars)
  • Number of times the trend line has been touched (the higher the value, the more significant the trend line)
  • Indicates whether there are no longer support and resistance areas in a given direction (with arrows)
• Adjustable intervals (number of bars) for support and resistance areas and trend lines
• Optional sensitivity (Level 2)
• Adjustable trend line style
• Automatically calculates the color of support and resistance areas based on the background color of the chart (very convenient feature)
• Trend line color settings
• Use offline charts

This support and resistance indicator is primarily manual. It does produce independent signals , but I wouldn't recommend just using them. Any decision to enter the market and set a protective stop or a profitable exit stop will be up to the trader. Therefore, traders must become familiar with the principles of risk and reward and use initial support and resistance areas to set up entries and exits. So this support and resistance indicator is perfect for that.

The Support and Resistance indicator is not a standalone trading indicator, but it can be very useful for your trading because of additional chart analysis, finding trade exit levels (TP/SL), etc. While the system can be used by traders of all experience levels, it may be helpful to practice trading on an MT4 demo account until you become consistent and confident enough to go online. You can open a live or demo trading account with most MT4 Forex brokers.

This support and resistance indicator can be used on any Forex currency pair and other assets such as commodities, cryptocurrencies, binary options, stock markets , indices, etc. You can also use it within any time frame that works best for you, From 1 minute chart to 4 hour chart.

Tips on how to use this support and resistance indicator

Follow money management and do not trade during high-impact news periods. Exit your trades half an hour after high-impact forex news.

As always, to achieve good results, remember proper money management. To become a profitable trader, you must master discipline, emotions, and psychology. Knowing when to trade and when not to trade is crucial. Avoid trading during adverse times and market conditions, such as low trading volume/volatility, outside of main trading hours, exotic currency pairs, wide spreads, etc.

• Search for "clear" charts (e.g. nice top/bottom peaks, short wicks with no volatility)
• These clear charts take better account of support and resistance levels, so they give more reliable signals.
• Wait until the price approaches a certain area.
• In the support and resistance indicator areas, look for signs of a possible breakout or reversal.
• Two typical breakthrough patterns:
  • 1. Large, clear candles with strong momentum (faster)
  • 2. Approaching the area, the candles get smaller and smaller, then breakout (slower)
• The (perhaps) most reliable scenario is that the price breaks out of the area and then retests it (support becomes resistance and vice versa)
• Signs of reversals such as engulfing, pinballing, etc… there are many
• Another confirming factor is whether there is a combination with any other level system (e.g. Fibonacci, pivots, etc.).
• Of course, trend lines are also sloped support and resistance levels.
• Higher time frames offer more important support and resistance areas

• More support and resistance indicators here