KG Support and Resistance Indicator Download for MT4 - Free - [TFlab] | Forex Indicator Download - MetaTrader 4 Resources

The KG Support and Resistance indicator is considered one of the key level indicators in MT4 .

Based on the predefined timeframe settings panel , the indicator plots support and resistance zones with four different colors and patterns across the four timeframes on the chart.

The area indicators drawn from this are important because they are expected to trigger a price reaction. However, these areas lose their validity after fragmentation and no longer take shape.

KG Support and Resistance Indicator Setup Chart

The following details relate to the features and specifications of the KG Support & Resistance indicator.

Indicators at a glance

The “KG Support & Resistance” indicator allows users to define areas of Support and Resistance based on four timeframes. By accessing the settings section , users can not only specify the time range, but also customize the colors of the zones . Furthermore, the indicator is able to display zones across all timeframes simultaneously.

Uptrend Conditions

In the 15-minute Bitcoin (BTC) chart, the indicator plots an area that actually acts as a support level.

The price touched the 4-hour support zone (light blue) and the 1-hour support zone (green) at two points before turning towards higher prices.

downtrend conditions

Based on the USD/CHF currency pair 30 minute chart analysis , price reversed into bearish trend after hitting two key resistance zones: the daily resistance zone (pink) and the 4-hour resistance zone (light blue) .

As shown in the chart below, the KG indicator has effectively acted as a resistance area.

KG Support and Resistance Indicator Settings

The following are the settings and parameters of the KG Support and Resistance indicator:

Calculation settings

• Calculate Price (High/Low): Calculation is determined based on the highs and lows of price movements.

Timeframe Settings

These parameters define the time frame in which the indicator should draw support and resistance lines:

• Time frame 1: 15 minutes
• Time frame 2: 1 hour
• Time frame 3: 4 hours
• Time frame 4: 1 day
• Show Price (High/Low): Shows the price relative to the drawn level.

Zone Color Settings

In the Color section, users can customize the color of support and resistance levels:

• Color 1,2,3,4: Define the colors of the four support and resistance levels.

Zone Shape Settings

These parameters allow modifying the visual representation of support and resistance zones:

• Arrow Code 1,2,3,4: Defines the appearance of support and resistance zones 1, 2, 3 and 4.

Size Settings

In the Size section, the user can set the size of the support and resistance zones:

• Size 1,2,3,4: Determine the size of areas 1, 2, 3 and 4;
• Lookback: The calculation takes into account the number of past candles.

Conclusion

The KG Support and Resistance indicator plots key support and resistance areas on the chart using user-defined inputs in the settings panel.

This trading tool allows users to customize the visual appearance and colors of areas .

The areas drawn by the KG Indicator serve as key price reaction areas to help traders make entry and exit decisions in the Forex market and other financial markets.