This tools helps you create horizontal lines by just pushing one key on the keyboard, the line will appear at the mouse position.
You can create as many lines as you want.
You can choose two colors, one for the support line and the other for the resistance line.
You can delete easily the last line by a key stroke, you can delete as many lines as you want.
You can choose to set alarm, when a support or a resistance line is crossed, the indicator will send an alarm on the screen or to your smartphone if you have activated push notifications.
You can use the same windows to see different chart, the indicator automatically hides support and resistance from other symbol and show it again when you come back to the first symbol.
The color of the line is automatically chosen, if it’s over the market price, it gets a resistance line color, if it’s under the market price, it gets a support line color.
You can see the price of the mouse position in the top left as comment, or you can choose to see it in a floating box.
On the line, you will see the number of pip separating the line and the actual price. If you put your mouse over it, you will see the price.
By clicking on the label of the line, you can see the number of times the line was used as Support or Resistance and the number of time it has been crossed; you can choose the number of history. By default it’s 200, that means 200 candles in your timeframe, so it can be 200 minutes in M1 or 200 months in MN. You can increase the 200 history if you want. I tried 2000, and it works well. If the candle stops at less than 10 Pips it will appear in the history of support and resistance, but you can change this number in MaxDeviation.
MT4 Indicators – Download Instructions
Support Resistance is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Support Resistance provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Support Resistance.mq4?
- Download Support Resistance.mq4
- Copy Support Resistance.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Support Resistance.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Support Resistance.mq4 is available on your Chart
How to remove Support Resistance.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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MT4 Indicators Download below: