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.
Support Resistance Identifier + 4 TF Ergodic CCI Arrows MT4 Day Trading Strategy
This MT4 day trading strategy combines two powerful technical tools to help traders capture precise intraday reversals and momentum shifts.
The Support Resistance Identifier Forex Indicator for MT4 automatically marks key market zones with red dotted lines for support and blue dotted lines for resistance.
These levels act as potential turning points where the price often reacts or reverses.
The 4 TF Ergodic CCI Arrows Trend Indicator for MT4 adds precise timing by showing green arrows for buy signals and red arrows for sell signals across four timeframes, filtering false entries.
This combination works well for day traders who focus on short-term price movements on M15, M30, or H1 charts.
The first indicator identifies the high-probability zones, and the second confirms entries with trend momentum alignment.
Together, they reduce guesswork and provide structured setups with clear visual confirmation.
Buy Entry Rules
- Wait for the price to approach or touch a red dotted support line drawn by the Support Resistance Identifier.
- Confirm that a green arrow appears from the 4 TF Ergodic CCI Arrows indicator near that zone.
- Enter a buy trade immediately after the candle closes above the support level.
- Place the stop loss 10–15 pips below the support line.
- Set the take profit target 20–35 pips above the entry point or near the next blue resistance line.
Sell Entry Rules
- Wait for the price to approach or touch a blue dotted resistance line from the Support Resistance Identifier.
- Confirm that a red arrow appears from the 4 TF Ergodic CCI Arrows indicator near that zone.
- Enter a sell trade after the candle closes below the resistance level.
- Place the stop loss 10–15 pips above the resistance line.
- Set the take profit target 20–35 pips below the entry or near the next red support line.
Advantages
- Combines structure and momentum for highly accurate entries.
- Provides clear visual confirmations for both trend and reversal points.
- Works effectively across major forex pairs during active sessions.
- Helps traders avoid false breakouts by confirming entries with multi-timeframe momentum.
- Requires minimal indicator interpretation, ideal for beginners and intermediate traders.
Drawbacks
- Can produce fewer signals during ranging markets.
- Sharp news-driven moves can trigger stop losses near key levels.
- May require manual adjustment of support and resistance zones on volatile pairs.
Example Case Study 1
On the EUR/USD M30 chart, the Support Resistance Identifier marked a red dotted support line near 1.0840.
After the London open, the price briefly tested this level and formed a green arrow from the 4 TF Ergodic CCI Arrows indicator.
A buy entry was triggered at 1.0842 with a stop loss at 1.0828.
The pair rallied steadily throughout the session, reaching the next resistance zone at 1.0878 for a total profit of 36 pips.
The trade followed textbook behavior: bounce from support confirmed by bullish momentum.
Example Case Study 2
On GBP/USD H1, a blue resistance line appeared near 1.2835.
After a quick surge in the New York session, a red arrow printed right below that zone, signaling weakening momentum.
A sell order at 1.2830 with a stop at 1.2848 produced a clean 40-pip move down to 1.2790 before the next support line appeared.
This setup worked perfectly for traders who waited for confluence between structure and signal confirmation.
Strategy Tips
- Focus on trading during the London and New York overlaps when volatility is high.
- Always wait for the candle to close before taking a signal to avoid false arrow appearances.
- Monitor major news releases as they can cause sudden reversals even at strong zones.
- Use higher timeframes, such as H4, to confirm general trend direction before taking intraday trades.
- Combine this setup with a simple moving average to filter trades only in the main trend direction.
- Keep risk per trade below 2% to protect your capital during periods of low market momentum.
When applied consistently, the combination of the Support Resistance Identifier and the 4 TF Ergodic CCI Arrows Indicator gives day traders a strong technical edge, aligning structure and momentum for reliable trade entries.
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Download the “Livelli_SR_Now.mq4” indicator for Metatrader 4
