Daily Support & Resistance Breakout Metatrader 4 Forex Indicator
Do you like to trade solid breakouts? The daily support & resistance breakout forex MT4 indicator is all you need.
The indicator draws the daily support and resistance level on the chart.
The red line represents daily resistance while the blue line daily support.
How to trade?
Buy breakout: the price must cross and close above daily resistance from below.
Sell breakout: the price must cross and close below daily support from above.
Tip: Breakout traders often use price action techniques to confirm the long or short breakout trade.
The EUR/USD 4-Hour chart below displays the Daily Support & Resistance Breakout Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Daily Support & Resistance Breakout MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when the currency pair crosses and closes above daily resistance (red line).
Sell Signal: Open sell order when the currency pair crosses and closes below daily support (blue line).
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the daily-support-and-resistance-special.mq4 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)