If you are looking for a support and resistance indicator MT4, this one I’ve attached here, created by Barry Stander, is one of the best free ones I’ve found online.
This support and resistance indicator easily identifies support and resistance levels in all time frames. This is a really good indicator for any trader that kind of finds it hard to identify support and resistance levels.
Or if you are are trader that like to trade breakouts of support and resistance levels, this indicator will also come very handy.
Support And Resistance Indicator MT4 Example On A Chart
As you can see on the the GBPCAD 1 Hour bar chart below, it how this indicator easily identifies support and resistance levels.
Its fairly easy as you can see the blue dotted lines are support levels and the red dotted lines are resistance levels.
Forex Trading Strategies That Support And Resistance Indicator MT4 Can Be Used With
There are many price action forex trading strategies on this site that are based on the support and resistance concept and you can use this support and resistance indicator with those forex trading strategies.
Here are a few examples of these trading strategies:
- support and resistance forex trading strategy
- resistance turned support forex trading strategy
- support turned resistance forex trading strategy
- straddle trading strategy to trade forex news
- 123 chart pattern forex trading strategy
- ascending triangle chart pattern forex trading strategy
- descending triangle chart pattern forex trading strategy
- double bottom chart pattern forex trading strategy
- double top chart pattern forex trading strategy
- head and shoulders chart pattern forex trading strategy
- inverse head and shoulders chart pattern forex trading strategy
- horizontal price channel forex trading strategy
- diagonal price channel forex trading strategy
Techniques For The Support And Resistance Indicator MT4
Apart from using the mt4 support and resistance indicator with the forex trading strategies listed above, the following are some trading ideas and teachniques which this forex indicator can assist with implementing.
Refer to this chart below…
Stop Loss Placement Options
Did you know that you can also use the support and resistance indicator to place your stop loss just a few pips outside of the support and resistance levels so that you do not get stopped out prematurely?
In my opinion, this is the best way to place stop loss on any trade: by using support and resistance levels. On the chart above, you can see and example of how the stop loss can be placed on a buy order. For a sell order, you will have to use the resistance level and place it a few pips above that level.
Profit Target Placement Options
You can use this support and resistance indicator to place your take profit order. If you are in a buy trade, then resistance levels provide options for you to evaluate and place your take profit order. Again, refer to chart above.
Trade Management
Another way that the support and resistance indicator can be used is for trade management purposes, mainly trailing stop. If you look at the chart above, you can see how you can trail stop a buy trade and lock in profits as your trade moves in favor. In this way, you ride out most of the trendy move and capture much of the profits as possible in that move.
Setup – Support And Resistance Indicator
Here’s the download link for the support and resistance indicator: Support and Resistance (Barry)