Auto Resistance Levels
Supports and resistances (or just "resistances" to simplify) are important levels in the chart of any traded asset.
They show areas where the asset has encountered much difficulty in continuing its current trend in the past. If prices go back to these areas in the future, they are likely to rebound or experience a violent breakout in the same direction.
Because these areas are so trivial, traders from all over the world are constantly monitoring price action when assets reach them.
This indicator plots resistance levels automatically, so traders are able to spot these important areas in a quick glance.
- Plot resistance levels on any MT4 chart with just a couple of mouse clicks. You will be able to create resistances in several different charts and timeframes in less than a minute.
- The resistances are based on important pivots in the chart. The indicator identifies them and traces lines instantly.
- Very easy to use. No need to adjust any inputs for it to start working.
- Use the "Recalculate" button to update resistance lines with the information from new candles. This ensures that lines will never "suddenly" change.
- Change or delete lines manually.
- Calculate resistances based on the last 50, 100, 200, 500 candles or any number in between (default is set to 200 candles).
- Assign colors to your lines manually or automatically.
- Remove all the lines at once by simply deleting the indicator from the chart.
- It works on any currency pair, commodity, or stock supported by MT4. It also works on any timeframe.
Save valuable time and take quicker decisions by letting this indicator work for you!