Forex Support and Resistance Auto MT4 Indicator

Forex Support and Resistance Auto MT4 Indicator:

About the Forex Support and Resistance Auto MT4 Indicator

Automatic Support and Resistance levels

The indicator displays the levels that are extremes for the specified time frames.

  • The resistance level is the maximum price of the last closed bar;
  • The support level is the minimum price of the last closed bar;
2 operating modes:
  1. Real bodies: open and close prices will be used;
  2. Extremes: maximum and minimum price will be used;
  • helps to see potential reversal levels;
  • patterns formed near the levels have more potential;
  • when working on low time frames allows you to see the big picture;

Settings:

When loading the indicator, you will be presented with a set of options as input parameters.
  • TimeFrames: M5, M15, M30, H1, H4, D1, W1, MN; The indicator will display the levels of those timeframes that are marked true;
  • UseBodies: 1) if true: real bodies will be used (OpenClose); 2) if false: extreme values will be used (HighLow);
  • LineColors: the color of lines and labels for each time frame;
  • LinesAsBackground: if (true): draw lines in the background;
  • LineStyle: line style (solid/dotted…)
  • FontSize: font size of labels;

Test results:

Forex Support and Resistance Auto MT4 Indicator

Copy and paste the file 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)

Other forex trading Expert Advisors

Leave a Comment