The Support and Resistance Alert forex indicator displays the short-term support and resistance levels on the chart for any pair and timeframe.
The indicator also notifies you via a pop up alert box when price breaks through the support or resistance line.
This is the indicator you need if you like to trade short-term S&R level breakouts.
The EUR/USD H1 chart below displays the Support and Resistance Alert forex indicator in action.
Basic Trading Signals
Signals from the Support and Resistance Alert forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when price closes above the resistance line (bullish price action).
Sell Signal: Open sell position when price closes below the support line (bearish price action).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (resistance, support, time_set) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: support | resistance
Copy and paste the signal-length.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)