The MTF Support and Resistance Forex indicator for MT4 (Metatrader 4) finds and displays minor and major S&R levels on the trading chart.
MTF stands for multi-time frame.
Support and resistance can be used for trade entry & exit, take profit, and for stop loss placement.
Buy & Sell Trade Example
- Open a buy near support when the market is trending up (buy the dip).
- Open a sell trade near resistance when the market is trending down (sell the rally).
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Mtf resistance support.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the MTF Support and Resistance mt4 indicator in action.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the MTF Support and Resistance 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.
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Download the “Mtf resistance support.mq4” indicator for Metatrader 4
