Awesome Support Resistance Metatrader 4 Forex Indicator

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)

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