The Awesome Support Resistance forex indicator displays the most significant support and resistance levels on the Metatrader 4 chart.
It uses green colors for the various resistance levels on the chart while red colors for support.
Moreover, the indicator displays the accompanied S&R price levels.
It’s a very complete support/resistance technical indicator that works great.
Signals:
The indicator can be used to identify and trade price breakouts above resistance or below support.
Stop-Loss Placement:
For buy trades, place a stop-loss below support (red colored lines).
For sell trades, place a stop-loss above resistance (green colored lines).
Feel free to experiment with the indicator’s input values and color settings to suit your needs.
Free Download
Download the “awesome_SupDem.ex4” MT4 indicator
Example Chart
The AUD/CAD H4 chart below displays the Awesome Support Resistance Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Awesome Support Resistance MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy trade when price breaks and closes above resistance, while the market is in an uptrend.
Place a protective stop loss below the nearest support level.
Sell Signal: Initiate sell trade when price breaks and closes below support, while the market is in a downtrend.
Place a protective stop loss below the nearest support level.
Download
Download the “awesome_SupDem.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (draw zones, solid zones, timer on, zone strength, fib.style, alert on, alert popup, alert sound), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: support|resistance
Installation
Copy and paste the awesome_SupDem.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)