Support and Resistance is treated as one of the most critical things to know in Forex. Support Resistance Indicator for MT4 will allow you to see the lines everyone is talking about!
Support Resistance Indicator for Meta Trader 4 / MT4 will help you draw lines which are rally critical in Forex. They are called Support and Resistance. With support and resistance lines Price can stop, reverse, consolidate or continue. No mater if you are looking for good entry point or SL, TP segments on the chart then Support Resistance Indicator is for you!
Support and Resistance is treated like a wall and you can brake through it but in order to brake through it you need more strength. Which is the very basic concept for Support Resistance Indicator. If Forex market does not have enough strength the Price will bounce and reverse on the Support and Resistance levels. Everything below the market is called support and everything above the market is called resistance. Support and Resistance should be a level that has been used again, again, again and again.
This indicator will draw support and resistance lines automatically for you, on most crucial points on the chart on all time frames. Knowing and using Support and Resistance levels is the most important Forex knowledge you should master, which this Indicator will help you with!
This are the available settings for Support Resistance Indicator:
- SupRes_Criteria: calculation on how strict the calculation is. Bigger the number less lines you will appear, but they will be more significant (setting from 0 to 1)
- Mih_Hours_to_show: amount of hours to pass when the level will be calculated in the Indicator
- Draw_Fibo: If set to true, Fibonacci levels will be added
How to install Support Resistance Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!