The FXSSI advanced Support & Resistance indicator for MT4 is a powerful tool that identifies the best support and resistance levels on any price chart.
It goes beyond mere identification and also calculates the number of times prices have revisited these key levels.
The strength of support and resistance levels is directly correlated with the frequency of price revisits – the more often a level is tested, the stronger it becomes.
Understanding the basics:
- The market trend is considered bullish when the candle closes above a significant resistance level, suggesting a buy trade opportunity.
- The market trend is considered bearish when the candle closes below a significant support level, suggesting a sell trade opportunity.
To enhance precision, it’s recommended to combine this indicator with other technical tools, such as an overbought/oversold technical oscillator.
This combination empowers traders to pinpoint the most ideal entry price levels for their trades.
Key Points
- Reveals support and resistance levels directly on the chart.
- Works equally well for any Forex pair and time frame.
- Trusted and widely used by traders globally.
- A valuable addition to your collection of trading indicators.
The indicator is highly reliable, lightweight, and will not cause any slowdown in your trading platform.
Free Download
Download the “FXSSI Support&Resistance.ex4” MT4 indicator
Indicator Example Chart
The chart presented below illustrates the FXSSI advanced Support & Resistance indicator in action on the GBP/USD 1-hour time frame.
Basic Trading Signals
The signals from the FXSSI Support & Resistance indicator are easy to understand. Here’s how they work:
BUY:
- A bullish signal is given when the candle closes above the blue colored resistance area.
- Open a buy trade and place a stop loss below the most recent swing low point.
- Close the buy transaction for a risk to reward ratio of at least 1.5.
- Optionally, you can implement your preferred take profit method for buy trades to maximize potential gains.
SELL:
- A bearish signal is given when the candle closes below the orange colored support area.
- Open a sell trade and place a stop loss above the most recent swing high point.
- Close the sell transaction for a risk to reward ratio of at least 1.5.
- Optionally, you can implement your preferred take profit method for sell trades to maximize potential gains.
Download This Forex Indicator
Download the “FXSSI Support&Resistance.ex4” MT4 indicator
Adjustable Parameters & Settings
Support area color, resistance area color, line color and width, breakout sensitivity.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair and other trading instruments
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: support/resistance
How to install the FXSSI Advanced Support & Resistance indicator in Metatrader 4?
- Copy and paste the FXSSI Support&Resistance.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
- Restart the trading platform
- Add the indicator to the chart
How to remove the indicator from the chart?
- Right-click on the chart with your right mouse button
- Select the indicator’s list from the dropdown menu
- Click on the indicator’s name
- Click on the delete button
- Press OK