Forex Wave Support Resistance MT4 Indicator:
About the Forex Wave Support Resistance MT4 Indicator
Prices moves in waves, and in different form in different timeframes. This indicator displays 2 horizontal lines per timeframe (one for resistance and the other for support). These line positions are calculated based on the wave width in particular timeframes. Before attaching the indicator to the chart, in the input section, you can change the colors for resistance and support lines, if you want.
These set of lines are calculated and displayed for 5 timeframes. The style of these lines cannot be changed, as they are designed so to differentiate from the other timeframe resistance and support lines. As per default setting, red color lines are resistance lines and the green colored ones are support lines. The following styles are used for corresponding timeframes,
M5 timeframe – Dashed Line
M15 timeframe – Dash-Dot Line
M30 timeframe – Dash – Two Points Line
H1 timeframe – Dashed Line
H4 timeframe – Solid Line
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)