The Support and Resistance Lines Indicator | FREE Forex Trading Indicator
We all understand the importance of identifying support and resistance levels, but MetaTrader lacks a feature to calculate them.
There is, however, a solution! The MetaTrader Support and Resistance Lines indicator can calculate and draw on the chart the levels of support and resistance for the selected currency pair or other trading instrument.
Support and resistance are two of the most important trading concepts. Almost every trading strategy takes support and resistance levels into account. It is extremely beneficial to have a visual representation of them. The MetaTrader Support and Resistance Lines indicator can calculate the levels of support and resistance.
The Support and Resistance Lines indicator for MT4 and MT5 is a powerful indicator that can find and show you the levels of support and resistance.
With Support and Resistance Lines indicator, you can: Find better opportunities — knowing where the support and resistance are, you can adjust your strategy. Save time — let the indicator calculate the level and show it on the chart. Get notified — receive notifications when the price approaches or leaves a level of support or resistance.
What Are Support and Resistance?
Support and resistance are levels where the price tends to bounce. They are kind of price barriers that hard to break.
Support and resistance can be easily spotted by the human eye. You need to focus on the close prices and see where they stop and consolidate or bounce.
Calculating these levels in a mathematical way is a whole other story. A sophisticated algorithm should be employed to find these levels. The indicator scans a range of candles and identifies where the price is bouncing or stagnating. It then calculates the median price and draws a horizontal line on the chart.
The Support and Resistance Lines indicator for MetaTrader includes the following features:
- Automated algorithm.
- Work with different timeframes.
- Sensitivity adjustment.
- Distance to next support and resistance levels.
- Alerts on the chart, via email and by push-notifications (mobile app).
Why Use Support and Resistance Lines Indicator?
The Support and Resistance Lines indicator is useful to check some conditions before entering or exiting a trade. During our trading activities, we all use different strategies, however, support and resistance are present almost in every trader’s arsenal of tools.
You can use the Support and Resistance Lines indicator for:
- Assess an entry signal — if the price is too close to a level, you might want to wait before entering.
- Adjust your strategy — support and resistance can often present an area where the price stagnates or bounces.
- Exit a position — these levels can be set as take-profit or stop-loss; one could even use them as a trailing stop.
MetaTrader 4 doesn’t include a function to alert you when the price hits automatically generated levels, but the Support and Resistance Lines indicator can do it.
When you attach the indicator to the chart, you can setup its sensitivity and easily see the levels as horizontal lines.
Once you run the indicator, you can set a few default options; the rest will be managed from the panel.
The indicator’s interface is quite intuitive and with a few clicks, you can set up several levels of alert.
You can choose to show support and resistance for a different timeframe. For example, if you are on the M15 chart for some scalping trade, you can add the Support and Resistance Lines indicator set up to show the levels for the D1 timeframe.
Other than showing on chart what is the distance from the above and below levels, you can set a minimum distance from the closest level to consider a trade safe. You can also configure the indicator to send you notifications in case the price enters a danger zone (or leaves it).
Requirements and Support
- MetaTrader 4 & 5 — this indicator is supported by both MT4 and MT5.
- Free — no purchase/license required.
- Multiple instruments — you can use this tool with multiple pairs and assets.
- Multiple devices — you can set this software up on as many devices as you want.
Download for MT4
You can download the indicator for free using the link below and install it by following the provided instructions.
The installation is very easy to perform. The same is true for using this tool.
Once you run the indicator you can set up its parameters and how you wish to receive notifications.
Installation Instructions for MT4
To install MT4 Support and Resistance Lines Indicator, please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 4 data folder (via File→Open Data Folder).
- Open the MQL4 Folder.
- Copy all the folders from the archive directly to the MQL4 folder.
- Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
Download for MT5
The Support and Resistance Lines indicator for MT5 can be used to calculate and automatically draw horizontal support and resistance lines on the chart.
You can further use these levels in your trading system for entry signals filtering, for exiting your trades, and to anticipate future price movement.
The indicator offers customizable parameters and supports three types of alerts (native, email, and push-notifications). The free download link is available below:
Installation Instructions for MT5
To install the MT5 Support and Resistance Lines indicator, please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 5 data folder (via File->Open Data Folder).
- Open the MQL5 Folder.
- Copy all the folders from the archive directly to the MQL5 folder.
- Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
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