The Four Hour Support and Resistance Forex Indicator for MT4 is a popular and free indicator that can be used to identify and trade support and resistance levels on the four-hour chart. This indicator is useful for traders who want to identify key areas of support and resistance in order to enter and exit trades. The indicator is based on the average true range (ATR), which is used to measure volatility. The indicator plots red and green lines on the chart that indicate the support and resistance levels. The lines are calculated by taking the highest high and lowest low over the past four hours. This indicator is popular among traders because it is easy to use and provides reliable support and resistance levels. The indicator is easy to install and use. First, traders need to download the indicator from the internet and install it on their MT4 platform. Once the indicator is installed, traders can select the currency pair they want to trade and the time frame they want to use. Once the settings are chosen, the indicator will automatically plot the support and resistance levels on the chart. Traders can then use the support and resistance levels to identify potential entry and exit points for their trades.
Four Hour Support Resistance
This free and popular Forex indicator for MT4 is a useful tool for traders to identify support and resistance levels on four-hour charts. The indicator works by plotting a line on the chart when the price reaches a certain level, providing a visual representation of the support and resistance levels. With this indicator, traders can easily identify when the market is likely to move and when it is likely to remain in its current trend.
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Category: Support & Resistance
How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
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.