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Best Support and Resistance Indicator for MT4

What is the most effective indicator of resistance and support for Metatrader 4 (MT4)? If you’re like me and you look through a variety of pairs on the Forex market for trade setups, you’ve probably encountered it as difficult sometimes to plot out your lines of resistance and support.

Making your own lines of resistance and support (or zones) is the most effective method, provided you are able to correctly create the lines. However, several good indicators have been designed to handle this job quite well.

The significance of incorporating resistance and support into your trading strategy cannot be overemphasized, since the market typically has at the very least an hour of interaction with any significant level of support and resistance level.zTo find out how this happens, and for more advice on resistance and support levels get my free ebook, How to Choose the Best Support and Resistance Levels.

Horizontal resistance and support levels are not the only ones to be concerned about and often, moving averages (e.g. the 50 100, 100 as well as the 200-SMA) will offer the ability to provide dynamic resistance and support, however, these levels are more uncertain. Furthermore the trend lines are often used as resistance or support.

It is not necessary for downloading anything (other than the MT4) to plot the dynamic resistance and support lines or trend lines, since the default platform for trading is fitted with indicators for moving averages you can drag on your charts, and also draw tools for trend lines. In this article, we’ll concentrate on horizontal indicators for resistance and support.

Best support and resistance indicator mt4

I have a habit of plotting every one of my horizontal resistance and support levels by hand and believe this is the right most effective way to do it. If you do use pivot points there are several excellent free indicators that automately plot the pivot locations for you in the MT4 platform. The most reliable one I’ve come across is called vS_PivotsD (pictured in the below image).

Click for more images (opens in the new window)

This indicator is a great tool to automatically plot your pivot point in accordance with your Daily chart and Fibonacci levels. It displays the last day’s high and lowest S1-S3, the R1-R3 line and all mid-range resistance and support levels. It even plots both the inner as well as outward Fibonacci levels for you.

One of the main reasons I think this is the best indicator of resistance and support for MT4 is that there are tons of options for customizing this indicator according to your personal preferences. There are over 80 fields that you can edit in”Inputs. “Inputs” tab alone.

Don’t let the plethora of options entice you away from this indicator, however. It’s actually quite simple to set up, while offering options to alter colors, display locations and custom session times and so on. …. I only needed to change some settings to achieve the same display as in the chart above.

Once you’ve installed, you’ll be prompted to switch on your separators for periods ( Ctrl+Y) and ensure that the indicator’s new date is correctly aligned. If you need to have it changed, you can simply change either the “LocalTimeZone” or “DestTimeZone” variables. These default values were right in my charts.

Installation Instructions:

  1. Extract and download the customized VS_PivotsD or the vS_PivotsD_v4 indicator.
  2. It should be placed within it’s “Indicators” folder ( File > Open Data Folder > MQL4 > Indicators).
  3. Restart MT4.
  4. Start the “Navigator” window, if it’s not opened already ( Ctrl+N).
  5. Drag the vS_PivotsD indicator on your chart.
  6. Set color and settings when necessary, and then press”OK” to confirm “OK” button.

It’s possible to experiment with the settings for some time to achieve the look you’re looking for. While there are numerous options, the least-used ones can be set as “false” by default. I suggest changing your “ShowPanel” and “ShowDayCandle” variables to “false” for a cleaner chart.

According to my experiences, this is the most reliable indicator of resistance and support for the MT4. There are other indicators that are available however, I haven’t seen any that is particularly useful. I hope you discover this one helpful. Please let me know what you think in my comments.

The Support Resistance xbtfx Indicator

 

This indicator will be capable of spot high probability reverses setups.

The MTF indicator Support/Resistance will be among the primary factors to identify my preferred configuration form: Golden Setups

The indicator can detect “untouched” support and resistance price levels that almost always result in a sharp reversal after the price level that is unaffected is achieved.

Other benefits of the indicator include:

  • detects support/resistance in longer time frames
  • you can set how support/resistance is determined.

 

The following screenshot illustrates how the unannounced support/resistance level of prices is drawn (and exactly how prices typically responds to the levels):

This indicator will gain an additional advantage in terms of information:

If you’re searching for lower time frames such as M30/H1 for opening opportunities, you’ll observe the most important support or prices for resistance e.g. on the daily time frame.

One-Time-Fee

  • 1 Indicator for Metatrader 4
  • 1 Installation Manual
  • Indicator:
  • PTS_SuppRes_MTF
  • – Detects Untouched Supp/Res
  • – Higher Timeframe Calculation
  • – Detection Configurable

Buy Now MT4

7 Days Money Back Guarantee! There are no questions needed. I will refund your purchase in the event that you make a request within 7 days following the purchase. One exception If I have already responded to questions regarding the system or indicator, that I made use of my personal time and therefore I am unable to offer an exchange (because everything is described on this site)

 

The screenshot below will show the parameters of the configuration for the indicator.

Tips:

For the trading systems that are on this site, The weekly frame of time is most suitable choice to draw support/resistance levels. It is the most common one.

— Use this indicator several times (2 3 or 2 instances) in the chart of price using various settings of this parameter called candlesLeftRight. The parameter candlesLeftRight specifies how recent highs and lows are observed. This is the default for that parameter candlesLeftRight is 3. If you are able to add the indicator again in the price graph using e.g. candlesLeftRight=6, you’ll likely see further support/resistance levels. If you wish, you could add the indicator for a third time by using e.g. candlesLeftRight=9. You can experiment with the numbers to see the outcomes.

 

Supp/Res MTF Indicator

59EUR 29EUR

One-Time-Fee

  • 1 Indicator for Metatrader 4
  • 1 Installation Manual
  • Indicator:
  • PTS_SuppRes_MTF
  • – Detects Untouched Supp/Res
  • – Higher Timeframe Calculation
  • – Detection Configurable

Buy Now MT4

7 Days Money Back Guarantee! No questions will be needed. I will refund your purchase when you ask within 7 days of the purchase. One exception that if I’ve already answered questions related to the indicator, I’ve put in my own time and therefore I am unable to provide an exchange (because everything is described on this site)

 

To your success! and Happy trading!

 

Delivery:
Following the purchase After purchase, you will receive the Support Resistance MTF Indicator will be delivered automatically within moments to the email address you have in your address.

Usage on MT4:
It is possible to utilize Support Resistance MTF Indicator Support Resistance MTF Indicator on any computer , and with any of the MT4 accounts however, only one MT4 account at a time. At 0:01 GMT the account’s ID is reset by the server. After that, you can make use of the Support Resistance MTF indicator for any other MTF account.

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