Support and Resistance MT4 MetaTrader indicator — as the name of this indicator suggests, it displays the forex support and resistance levels. It shows them directly on the mt4 chart, providing easy help when you want to set a stop-loss or take-profit level or when you want to see the next market target. This forex indicator uses the standard mt4 MetaTrader Fractals indicator (by Bill Williams’ method) and has no changeable input parameters. This forex indicator is available for MetaTrader versions 4 and 5.
Input parameters
- EnableNativeAlerts (main default = false) — if true, a native forex MetaTrader popup alert will be used when the price closes above or below the chart support or resistance level.
- EnableEmailAlerts (main default = false) — if true, an email message will be sent when the chart price closes above or below the chart support or resistance level. Should properly configure Email in forex MetaTrader via Tools->Options->Email.
- EnablePushAlerts (main default = false) — if true, an email message will be sent when the chart price closes above or below the chart support or resistance level. Notifications should be properly configured in forex MetaTrader via Tools->Options->Notifications.
- TriggerCandle (default = Previous) — the candle to issue alerts on Previous — the most recently closed chart candle or Current — the yet unfinished candle.
Example and strategy
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The picture says it all. Use the levels marked by the blue color dots for support and those drawn by the red color dots for resistance. And don’t forget that support may become the next chart resistance if breached and vice versa.
Support and Resistance Forex Indicator Downloads
Support and Resistance for MetaTrader 4
Support and Resistance for MetaTrader 5
Discussion
Warning! If you do not know how to set up this forex indicator, please read the forex MetaTrader forex Indicators Tutorial.
Do you have any more suggestions or questions regarding this forex indicator? You can always discuss the forex Support and Resistance indicator with the other traders and MQL programmers on the forex indicators forums.
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