Forex Support Resistance Show Touch Count No Repaint MT4 Indicator

Forex Support Resistance Show Touch Count No Repaint MT4 Indicator:

About the Forex Support Resistance Show Touch Count No Repaint MT4 Indicator


The attached file is a script, and needs to be installed into your …../[MT4]/experts/scripts folder. Then restart MT4.

First, press F8, and on the Common tab, ensure that you have ‘Show object descriptions’ checked ON.

Attach the script to your chart. The script will create a trendline; set its horizontal length (LookbackCandles) and initial color (LineColor). You can also set its StartingPrice level. Or if you leave this as 0 it will simply plot the trendline about half way up your price window.

Click OK and the trendline will appear. Click (or double click) to select it. Three little squares (‘handles’) appear.

To move the trendline around the screen, drag the middle handle.

To change the length of the trendline, drag either of the end handles. If you want the line to remain horizontal, hold down the SHIFT key while you do this.

If you want to change the properties (color, style, etc) of the trendline, right click, and select Properties. You can also change the price Values on the Parameters tab to move the trendline to a specific price level.

Provided that you previously checked ‘Show object descriptions’ on, then after you’ve moved the trendline and released the mouse button.

If the trendline is diagonal, it may be difficult to read the text. Hover the mouse cursor over any one of the 3 handles, and the same text will appear in the help pop-up.

To remove both the script and the trendline from your chart, drag the right handle leftward beyond the left handle, or vice versa.

The  Support&Resistance Indicator aims to assist a trader in their everyday trading. It automatically spots the levels the price has actively interacted with before and draws them on the MT4 chart as rectangular areas.

The price range (height) of support or resistance areas depends on the spread between price highs and lows that the level goes through.

The Support&Resistance indicator does not repaint. However, the occurrence of new highs/lows within the range of a specific support/resistance can expand its height.

The best timeframes to work with are  M15-H1.

Test results:

Forex Support Resistance Show Touch Count No Repaint 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)

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