The Support & Resistance Identifier Forex indicator for Metatrader 4 displays short-term support & resistance levels on the chart.
It’s a powerful price action tool for both scalpers and day traders.
The indicator appears in the main MT4 chart window as blue and red colored resistance and support lines.
Buy & Sell Trade Example
- Open a buy trade as soon as the candlestick closes above the blue resistance level and the overall trend is upwards.
- Open a sell trade as soon as the candlestick closes below the red support level and the overall trend is downwards.
The Support & Resistance Identifier indicator can be used for both trade entry and exit or as a price action breakout tool.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “Livelli_SR_Now.mq4” indicator for MT4
Indicator Chart (EUR/USD H4)
The example chart below displays the Support & Resistance Identifier mt4 indicator in action on the trading chart.
Tips:
Feel free to deploy your own favorite trade entry, stop loss and take profit method to trade with the Support & Resistance Identifier Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Support & resistance
Does the indicator repaint? No.
Download Now
Download the “Livelli_SR_Now.mq4” indicator for Metatrader 4
