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.
Trading idea:
- 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 Example 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
How to install this indicator on Metatrader 4?
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the Livelli_SR_Now.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
