If you are looking for forex support and resistance indicator for MT4, this one I’ve attached here, created by coder Barry Stander, is one of the best free ones I’ve found online.
This support and resistance indicator quickly identifies support and resistance levels in all time frames. This is an excellent indicator for any trader who finds it hard to identify support and resistance levels.
Or, if you are a trader that likes to trade breakouts of support and resistance levels, this indicator will also come in very handy.
Forex Support And Resistance Indicator MT4 Example On A Chart
The GBPCAD 1 Hour bar chart below shows how this indicator quickly identifies support and resistance levels.
It’s pretty easy as you can see the blue dotted lines are support levels and the red dotted lines are resistance levels.
Can Use Forex Trading Strategies That Support And Resistance Indicator MT4
This site has many indicators and forex trading strategies based on support and resistance. You can use this forex support and resistance indicator with those forex trading strategies.
Here are some examples of these trading strategies:
- 20 Pips A Day Forex Trading Strategy
- 1 Minute Forex News Trading Strategy
- Simple 10 Pips A Day Forex Trading Strategy
- Successful 5 Minute Forex Trading Scalping Strategy
- Forex Pullback Trading Strategy
- 100 pips a day Forex Mobile Strategy
- Forex Market Gap Trading Strategy
Techniques For The Forex Support And Resistance Indicator MT4
Apart from using the forex mt4 support and resistance indicator with the forex trading strategies we have listed above, the following are some trading ideas and techniques that this forex indicator can implement.
Refer to this chart below.
Indicator Stop Loss Placement Options
Did you know that you can use the support and resistance indicator to place your stop loss a few pips outside of the support and resistance levels so that you do not get stopped out?
In my opinion, It’s the best way to place a stop loss on any trade: by using support and resistance levels. On the chart above, you can see an example of how can place the stop loss on a buy order. You will have to use the good resistance level for a sell order and place it a few pips above that level.
Indicator Profit Target Placement Options
You can use this forex support and resistance indicator to place your take-profit order. If you open buy trade, then indicator resistance levels provide options to evaluate and place your take profit order. Again, refer to the chart above.
Another way to use the support and resistance indicator is for trade management purposes, mainly trailing stop. The chart above shows how you can follow stop a buy trade and book in profits as your trade moves in your favor. In this way, you will ride out most of the trend move and capture much of the trade profits as possible in that move.