Support & Resistance
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Support and Resistance

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The Support and Resistance Indicator for MT4 identifies major and minor support/resistance zones for trend reversal/continuation detection.

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Description

Support and resistance levels are the key factors that determine the price movement from one zone to another. They are levels for trend reversal/breakout signals forex traders look out for before making a trade decision.

However, they are not visible on the MT4 chart. Besides, some forex traders still struggle to identify support/resistance levels on the chart, which suggests that the Support and Resistance Indicator would be indispensable in day-to-day trading activities, especially for beginners.

What indicator shows support and resistance on MT4?

The Support and Resistance Indicator is a custom trading tool for MT4 developed to plot support/resistance zones from past price actions. It identifies both major and minor support/resistance levels on the MT4 chart.

Features of the Support and Resistance Indicator

The indicator is enabled to display support/resistance zones on different timeframes. Support levels are in red lines, while resistance zones are in dodger blue lines. In addition, the support/resistance lines are identified and drawn from the H4, D1, and W1 timeframes.

Benefits of Using the Indicator

  1. Ease technical analysis: The indicator makes technical analysis less hassle by displaying valid support and resistance zones. A trader can analyze the market to anticipate levels for potential price bounce/breakouts.
  2. Saves Time: The indicator takes care of the stress of manually searching for support/resistance zones, thereby saving time.
  3. Better Entry/Exit Point Assessment: The indicator also helps a trader evaluate optimal zones to place a BUY/SELL order or to exit a trade. In other words, it assists traders to be wary of opening a trade position around a support/resistance area.
  4. Trend Reversal/Continuation: Finally, the indicator easily identifies zones where the price may bounce and change direction or continue after a breakout.

Indicator Description Settings

The indicator comes with the following customizable settings:

Period: This determines the period of the indicator.

Mode: This shows the mode to plot the support/resistance levels.

Visual adjustment: Enables/Disables the sensitivity adjustment mode.

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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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