Forex True SR Multi TF Support Resistance DEMO for MT4 Indicator:
About the Forex True SR Multi TF Support Resistance DEMO for MT4 Indicator
TrueSR indicator is a multi-timeframe panel and alert that finds nested support and resistance zones for all timeframes and gives alert when price has interaction with those zones.
- If you are using support and resistance (or supply demand) zones in your trading strategy, this indicator and its alert and filtering system is a big time saver for you.
- Also doesn’t matter what is your trading strategy, this indicator helps you to not caught in support resistance zones. Indicator shows if price is in S/R zones without the need to manually check all timeframes.
You don’t need any more checking different timeframes to find Support and resistance zones, just run TrueSR on your chosen symbols and check chart when an alert happens (you can filter timeframes to get alert only on your chosen timeframes).
This indicator works on all account types and symbols from different markets: indices, metals, commodities, cryptocurrencies, etc.
TrueSR finds support resistance zones based on MT4 version of shevd supply and demand indicator that you can download for free from https://www.mql5.com/en/code/14545
Panel shows if price has interaction with support and resistance zones from M1 to W1 timeframes. Also with panel you can find nested zones at a glance.
- Button text shows type of support and resistance zones (with “Sup” and “Res” abbreviations on buttons)
- Button text shows in which timeframes price enters, leaves or breaks a zone (with “In,Out,Br” abbreviations on buttons)
- Button color shows strength of support and resistance zone (you can change the color of zones)
- Ability to change frequently used settings directly through the panel
- Panel and zones will update on every 1-minute candle open and when chart time frame changes
Indicator shows the Strength of Support and Resistance Zones:
TrueSR uses fractals and ATR indicator to find and draw support resistance zones on price chart. Zones have different strength that are:
- weak: important high and low points in trend
- untested: major turning points in price chart that price still didn’t touch them again
- verified: strong zones, price touched them before but couldn’t break them
- proven: verified zone that at least four time price couldn’t break it
- broken: zones that price breaks them (not applied for weak zones)
Different Alert Types:
Alert triggers in three different situations:
- when candle moves into a zone and closes inside it
- when price leaves (returns from) a zone and closes outside and also price is higher or lower than previous candle
- when price breaks a zone and closes outside of zone
Find Nested Zones at a glance:
In panel you can see if price enters or leaves support resistance zones in more than one timeframe at the same time. Also alert shows nested zones in other timeframes in the indicator parameters you can set the number of nested zones that must be found before alert triggers.
Powerful candle filters:
You want to get alerts only when there is a big price move in the market? No problem, indicator has 3 type of customizable filters to ignore alerts for small candles. This filters are based on:
- height of the candle
- comparison of the height of candle with the height of previous candles
- comparison of the body of candle with average body of previous candle
Use the power of Support and Resistance zones in your EAs:
This indicator has a fast and lightweight version that you can use it in expert advisors for accessing the values of nearest Support/Resistance zones in all timeframes.
If you want to trade based on support resistance zones or you want to avoid S/R zones in your trading strategy you can simply add this bridge to your expert advisor.
Bridge doesn’t work with demo version, please check out this blog post for more info about the bridge.
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)