The Awesome Support Resistance forex indicator displays the most significant support and resistance levels on the Metatrader 4 chart.
It uses green colors for the various resistance levels on the chart, while red colors are used for support.
Moreover, the indicator displays the accompanying S&R price levels.
It’s a very complete support/resistance technical indicator that works great.
Signals:
The indicator can be used to identify and trade price breakouts above resistance or below support.
Stop-Loss Placement:
For buy trades, place a stop-loss below support (red colored lines).
For sell trades, place a stop-loss above resistance (green colored lines).
Feel free to experiment with the indicator’s input values and color settings to suit your needs.
Free Download
Download the “awesome_SupDem.ex4” MT4 indicator
Indicator Chart (AUD/CAD H4)
The AUD/CAD H4 chart below displays the Awesome Support Resistance Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Awesome Support Resistance MT4 forex indicator are easy to interpret and go as follows:
Buy Signal: Initiate buy trade when price breaks and closes above resistance, while the market is in an uptrend.
Place a protective stop loss below the nearest support level.
Sell Signal: Initiate a sell trade when the price breaks and closes below support, while the market is in a downtrend.
Place a protective stop loss below the nearest support level.
Awesome Support Resistance + XHMaster Formula MT4 Strategy
This MT4 trading strategy combines two powerful tools to help you trade with structure and confirmation.
The Awesome Support Resistance Indicator marks key support and resistance zones on the chart. Green levels show resistance, and red levels show support.
The second tool is the XHMaster Formula Indicator.
This indicator provides directional confirmation. A green line signals a buy trend and a red line signals a sell trend.
Together, they form a clean structure-based strategy that works for scalping, day trading, and swing trading.
You can use it on M5, M15, H1, or H4, depending on your trading style.
The signals are simple, and the rules remain clear even in higher volatility.
Buy Entry Rules
- Price must bounce from a red support level drawn by the Awesome Support Resistance Indicator.
- The XHMaster Formula Indicator must turn green.
- Enter a buy trade when the candle closes above support with the XHMaster line fully green.
- Place your stop loss a few pips below the support level.
- Set take profit at the next green resistance level.
- You may extend the target if momentum is strong and the price breaks through resistance.
Sell Entry Rules
- Price must reject a green resistance level drawn by the Awesome Support Resistance Indicator.
- The XHMaster Formula Indicator must turn red.
- Enter a sell trade when the candle closes below the resistance rejection area with the XHMaster line fully red.
- Place your stop loss a few pips above the resistance.
- Set take profit at the next red support level.
- You may extend the target if the price continues with strong downside pressure.
Advantages
- Clear structure from support and resistance levels.
- Strong trend confirmation from the XHMaster Formula.
- Easy to use, even for beginners.
- Works across different market conditions.
- It can be used for short-term and long-term trades.
Drawbacks
- Ranging markets may produce false signals.
- Support and resistance levels can shift during high volatility.
- Trades may trigger late during news releases.
- Best results require patience and waiting for a clean confirmation.
Case Study 1
On EURUSD M15, the market formed a red support zone around 1.0710. Price tested the level twice and failed to break lower.
The XHMaster Formula line turned green right after the second test. A buy trade was triggered on the candle close above support.
The stop loss was placed below 1.0705.
Price moved cleanly upward and reached the next green resistance zone near 1.0740.
The move produced about 30 pips with low drawdown.
Case Study 2
On GBPUSD H1, a clear resistance zone formed at 1.2920. Price rejected it three times and created long wicks.
The XHMaster Formula line switched to red and showed a clear downward slope.
A sell trade was taken at the close below the rejection area.
Stop loss was placed above 1.2930.
Price moved steadily down to the next red support zone near 1.2860.
The trade delivered around 60 pips.
Strategy Tips
- Wait for clean touches of support and resistance levels before acting. Levels must show real reactions.
- Use the XHMaster Formula only as confirmation. Never trade against its color.
- Try to trade in sessions with higher liquidity, such as London and New York.
- Always avoid major news releases if the market is unstable.
- Trail your stop once the price moves halfway to your target.
- Take only high-quality signals with clean candle closes.
Download Now
Download the “awesome_SupDem.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (draw zones, solid zones, timer on, zone strength, fib.style, alert on, alert popup, alert sound), 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
