The Support & Resistance levels II forex indicator scans for all minor and major support & resistance levels on any pair and timeframe.
Support levels are colored blue while resistance levels are colored blue.
S&R levels are a very important forex analysis tool used by many traders.
They are used to trade breakout signals, to identify good stop-loss levels and to take profits.
I personally like to set the indicator’s precision (inputs tab) to 2500.
This gives me the more important major support and resistance levels instead of the default mix of minor and major levels.
This indicator can be used as a standalone, especially to trade breakouts or in conjunction with other technical indicators or analysis tools.
Support & resistance works for scalping, day trading and swing trading.
The EUR/USD 4-Hour chart below displays the Support & Resistance levels II Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Support & Resistance levels II MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a long trade when price breaks and closes above major resistance (red dotted line).
Sell Signal: Initiate a sell trade when price breaks and closes below major support (blue dotted line).
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Contract Step, Precision, Bars Count) 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 support-resistance-levels.ex4 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)