The Support Trend Line Forex indicator for Metatrader 4 analyses price action and plots the most recent support trend line on the chart.
The indicator appears in the main MT4 chart as a red colored trend line.
Short-term traders (day traders and scalpers) can use the most recent support trend line for stop loss placement (buy trades) and breakout trades (sell trades).
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “LineFrakDown.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the Support Trend Line Forex mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Support Trend Line 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
Does the indicator repaint? No.
MT4 Intraday Strategy Using Support Trend Line and Wildan Trend System Indicators
This MT4 intraday strategy combines the key support levels identified by the Support Trend Line Forex Indicator with the trade signals of the Wildan Trend System Forex Indicator.
Designed for intraday trading, this strategy works best on 5-minute to 15-minute charts and is ideal for traders looking to capture short-term price movements while respecting key support levels.
The Support Trend Line indicator draws the most recent support on the chart in red, while the Wildan Trend System provides buy and sell signals via blue and red histogram bars.
Buy Entry Rules
- Confirm that the price is approaching or bouncing off the red support trend line.
- Wait for a blue histogram bar on the Wildan Trend System indicator, signaling a buy entry.
- Enter a buy trade at the market price once both conditions are met.
- Set a stop loss just below the support trend line or the most recent swing low.
- Set a take profit for 10–35 pips or near the next resistance level, depending on volatility.
Sell Entry Rules
- Confirm that the price has broken below the red support trend line, indicating a potential bearish move.
- Wait for a red histogram bar on the Wildan Trend System indicator, signaling a sell entry.
- Enter a sell trade at the market price once both conditions are met.
- Set a stop loss just above the broken support line or the recent swing high.
- Set a take profit for 10–35 pips or near the next support level.
Advantages
- Combines key support levels with trend confirmation for higher probability trades.
- Works effectively on intraday charts, offering multiple trading opportunities per session.
- Clear visual signals make it easier to spot entries and exits.
- Adaptable to various currency pairs, including EUR/JPY, AUD/USD, and USD/CHF.
Drawbacks
- Requires constant monitoring to catch intraday signals promptly.
- False breakouts below support can trigger premature sell entries.
- The strategy may underperform during sideways or choppy market conditions.
Case Study 1: EUR/JPY on 5-Minute Chart
On the EUR/JPY 5-minute chart, the price bounced off the red support trend line.
A blue histogram appeared on the Wildan Trend System indicator, signaling a buy entry.
The trade was entered at 142.50, with a stop loss at 142.40 and a take profit at 142.65.
The trade closed successfully with a 15-pip gain within 20 minutes.
Case Study 2: AUD/USD on 15-Minute Chart
On the AUD/USD 15-minute chart, the price broke below the red support trend line, signaling a bearish move.
A red histogram appeared on the Wildan Trend System indicator, confirming the sell entry.
The trade was entered at 0.6750, with a stop loss at 0.6760 and a take profit at 0.6735.
The trade reached the take profit target, netting 15 pips within 30 minutes.
Strategy Tips
- Always confirm the trend with the Wildan Trend System before taking entries near the support line.
- Use the support line as a reference for stop loss placement and risk management.
- Adjust take profit targets between 10–35 pips depending on volatility and currency pair behavior.
