The Support and Resistance Automated Lines forex indicator connects high prices and low prices to create support and resistance lines on the chart.
These lines can be used to trade market breakouts, for example, in up trends, you would open buy position when the price breaks through the resistance level line (upper line).
Conversely, in down trends, you would open sell position when the price breaks through the support level line (lower line).
This is a very popular market approach.
You can use it on across all timeframe’s on any currency pair of your choose.
The EUR/USD H1 chart below displays the Support and Resistance Automated Lines forex indicator in action.
Basic Trading Signals
See the description above on how to use this indicator.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (period, main_line, sup_line) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the psevdo-regress.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)