The Support & Resistance MTF (multi timeframe) forex indicator is an excellent fully automated support/resistance technical trading tool.
This indicator recognizes the most significant support and resistance levels for any currency pair and timeframe.
You can enable/disable any timeframe directly from the indicator’s inputs menu.
Just load it onto you charts to get it to work.
In a nutshell, here’s how support and resistance work:
- A buy signal occurs when price breaks and closes above resistance.
- A sell signal occurs when price breaks and closes below support.
The EUR/USD 5-Minute chart below displays the Support & Resistance MTF (multi timeframe) Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Support & Resistance MTF MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when price closes above resistance from below. Place a protective stop-loss below the previous swing low price.
Sell Signal: Open sell trade when price closes below support from above. Place a protective stop-loss above the previous swing high price.
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 (LB, max bars, show MTF timeframes) 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-and-resistance-mtf.mq4 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)