Best Support Resistance Indicator MT4
- Indicators
- Nedyalka Zhelyazkova
- Version: 1.0
Support and resistance levels are the key factors that determine the price movement from one zone to another. They are levels for trend reversal/breakout signals forex traders look out for before making a trade decision.
The Support and Resistance Indicator is a custom trading tool for MT4 developed to plot support/resistance zones from past price actions.
The indicator also helps a trader evaluate optimal zones to place a BUY/SELL order or to exit a trade. In other words, it assists traders to be wary of opening a trade position around a support/resistance area.
- Levels are not repainted once they are formed!
Inputs
- Deviations - number of bars.
- Deviations2 - number of bars.
- AlertOn - enable alerts;
- EmailAlert - enable email alerts;
- PushAlert - enable push notifications;