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Support and Resistance
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Support & Resistance

(1 customer review)

The Support & Resistance indicator for MT4 is the best support/resistance indicator for trend reversal/continuation detection.

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Description

The Support & Resistance indicator is an indicator that identifies trend reversal/continuation zones on the MetaTrader 4 (MT4) platform. It identifies the major support and resistance zones in the financial market, where the price is bound to reverse upon retest or break out for a continuation.

What is the best indicator for Support & Resistance?

One of the best indicators that accurately detects the support/resistance zone is the Support & Resistance indicator for MT4. It identifies major levels and marks them as zones, which is more reliable than plotting horizontal lines.

Besides, it also comes with a feature that highlights the number of times the price has reacted to a support/resistance zone. The feature helps traders anticipate the possibility of a support/resistance zone to hold the price or be broken.

Features of the Support & Resistance Indicator

The Support & Resistance supports customization of the inbuilt parameter to a trader’s preference. It also makes projections of the future support/resistance level.

Finally, the indicator keeps a tab on the number of times a support/resistance zone has been tested by the price.

Benefits of Using the Indicator

  1. Identifies Key Level: The indicator is optimized to detect key price levels for potential reversal/breakouts.
  2. Risk Management: The indicator is also a handy tool for managing trades. For instance, a trader may close a running BUY position when the price approaches a major resistance zone.
  3. Trend Reversal/Continuation: The Support & Resistance indicator helps a forex trader highlight zones to anticipate a possible trend reversal or continuation after a breakout.

Indicator Description Settings

The indicator comes with the following customizable settings:

Level vertical Width (1-20): Determines the width of the support/resistance levels.

Levels Frequency on Chart: Determines the frequency at which a support/resistance zone is displayed.

Breakout Sensitivity: Determines the breakout sensitivity (high, low, or medium) level.

Levels Display Period: Determines the types of levels (medium, short, or long) to be displayed.

Minimum touches to show: Determines the minimum touches to show.

Show touches count: Enables/Disables the indicator to display the number of times a support/resistance level has been touched by the price.

Shows touches on click: Enables/Disables touches on click.

Projection length: Enables/Disable extension of future support/resistance zones.

Color Scheme: Enables/Disables automatic detection of suitable colors for the support/resistance zones.

Reviews (1)

1 review for Support & Resistance

  1. PlatinumTrader-Collection –

    Stability of Terminal
    Design
    Data calculation

    СOOLL!!

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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