Best Support And Resistance Indicator Mt4 Free Download

SUPPORT AND RESISTANCE INDICATOR MT4:

The support and resistance indicator is an indicator that detects the points where the trend is toped or paused in the market trend. It depends on the direction of the movement. It is an indicator that can identify the dynamic prices of the market trend. It is a technical indicator used for technical analysis. Usually, it tells about the price levels.  It is used to identify that in which points of the market support and resistance levels can appear. This indicator is used to identify turning points in the market trend.

WHAT IS SUPPORT INDICATOR?

Support is a price level in the market trend that works on down moving trends and can temporarily stop the trade due to exceeding concentration of demand and buying level. It is a level in the trade that helps the price to remain at its position. It reduces the falling effect of the market trend. When the demand level in the market trend is high then the support level will be at supply. When a bearish trend appears in the indicator chart and it is joint with three different reversal points in the market for historical points in the market trends.

WHAT IS RESISTANCE LEVEL?

Resistance is a point in the market trend at which the price movements have been paused and it temporarily stops the trade due to exceeding concentration of supply and selling level. It is a level in the trade that helps the price to remain at its position. It reduces the falling effect of the market trend. When the supply level in the market trend is high then the resistance level will be at the demand level. When a bullish trend appears in the indicator chart and it joints the three different reversal points in the market for historical points in the market trends, the resistance level appears.

The support and resistance level also uses different colour schemes and specific pip for indicating buy and sell levels in the market trend. It also uses a specific formula for its calculation.

Formula:

  1. First resistance (R1) = (2 x PP) – Low. First support (S1) = (2 x PP) – High.
  2. Second resistance (R2) = PP + (High – Low) Second support (S2) = PP – (High – Low)
  3. Third resistance (R3) = High + 2(PP – Low) Third support (S3) = Low – 2(High – PP)
  1. First resistance (R1) = (2 x PP) – Low
  2. First support (S1) = (2 x PP) – High
  3. Second resistance (R2) = PP + (High – Low)
  4. Second support (S2) = PP – (High – Low)
  5. Third level of support and resistance:
  6. Third resistance (R3) = High + 2(PP – Low)
  7. Third support (S3) = Low – 2(High – PP)

 

PARAMETERS

Extern string

Extern color

Extern color

Extern ENUM_LINE_STYLE

Extern int

Extern string

Extern color

Extern color

Extern ENUM_LINE_STYLE

Extern int

Extern bool

Trend line

Extern string    Line

Extern bool

Extern bool

Extern bool

Extern double

Extern int

Extern int

Extern color

Extern bool

 

USES of support and resistance indicator

The support and resistance indicator has too many uses. Some of them are discussed here. This indicator is used to control the amount of demand and supply in the market trend. it displays the market trends in the form of support and resistance levels which helps to make a profitable trade. support and resistance indicator is used in mt4 and mt5 platforms.it is one of the best indicators.

USES

support and resistance indicator is used to indicate strength trend in the trade.
• Its calculations are based on moving average price.
• It is used to differentiate between trending and non-trending conditions.
• It helps to identify profitable trade.
• From the rise and fall of lines in the support and resistance indicator graph, the traders sense the price climax.

 

HOW TO INSTALL support and resistance indicator:

 

• First step: – Download the support and resistance indicator for Meta Trader 4 plateform.
• Second step: -Copy support and resistance indicator for Meta Trader 4. mql4 to your Meta trader Directory/experts/indicators/
• Start or restart your Meta trader 4 Client.
• Select Chart and Timeframe where you want to test your MT4 indicators.
• Search “Custom Indicators” in your Navigator mostly left in your Meta trader 4 Client.
• Right-click on support and resistance indicator for Meta Trader 4.mq4.
• Attach to a Chart
• Modify settings or press ok
• In the end, the support and resistance indicator for Meta Trader 4.mq4 is available on your Chart.

 

How to remove support and resistance indicator :

 

• First step: Select the Chart where is the Indicator running in your Meta Trader 4.
• Second Step: Right-click into the chart.
• Third step: Indicators list.
• At the last: Select the indicator and delete it.

These are simple and easy steps that you need to follow before starting trade because it gives you buy and sell zone indicator with almost 90% precision.

IMPORTANT

Ahead you are going to begin in real account trading you need to trade at the minimum for one month as a demo in any MT4 or MT5 brokers. It awards you more potential for getting quality payback in long or short term trading across also moving average.

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