Forex s/r indicator. What's the best support and resistance indicator for Metatrader 4 (MT4)? If you're like me, and you scan several pairs in the Forex market for trade setups, then you have probably found it to be quite tedious at times to manually plot out your support and resistance lines. Manually plotting out your support and.

Forex s/r indicator

Best Support and Resistance Indicator for MT4

Forex s/r indicator. Support/Resistance Levels package includes 7 indicators. These automatically derive S/R price areas from the underlying indicators and show them overlaid on price. These include S/R Levels derived from indicators like RSI, CCI, %B and Williams %R. By visually laying out S/R Levels on chart, these allow complex S/R.

Forex s/r indicator


There are a lot of various trading systems on the internet, but most of them are unusable and mainly not profitable in the long term. I can definitely recommend the system to everyone, because it is very simple, but a very very profitable! It's just amazing how so simple trading system can be profitable. So here the saying below is really true:. Simplicity is the ultimate sophistication Leonardo da Vinci. So all credits go to the author. The indicator shows the resistance and supports on the high quality price zones only.

However, its main advantage is that it also shows us the quality of resistance and support zones. Here, logically, the more times the market tested the zone, the zone will be stronger and more valid.

You can download the indicator here: The lower the timeframe you choose, the more you will receive signals more trades , but logically the trades will be shorter faster opened and closed. It is up to every trader to choose the trading style that suits him.

Price reaches the strong support must be tested at least once. At that moment, I am opening the buy trade. I set TP below the closest resistance. Price reaches the strong resistance must be tested at least once. At that moment, I am opening the sell trade. I set TP above the nearest support. For intraday trading, I recommend to choose M5 or M1 chart. For swing trading I like H1 chart the most. With this indicator, of course, you can trade any other trading system.

The system described above is only my the most simple variation of the system. But I choose a little bit different approach here. I waited for a bounce, then go buy with SL right under the support. Firstly I place the TP under the nearest resistance, but finally I closed the trade right after the break of Doji candle on M5 time-frame.

As you can see, there are simply a lot of ways how you could trade the opportunities that appear every single day. But once again, please stick to the simplest rules in the first post or change them on your own, but firstly keep it simple and improve little by little. I saw this on forex factory. You only supply the EX4 file though, i wanted to use the output from the indicator in an EA. Do you have the source for this indicator? Ive found something similar which marks the same zones.

I believe this indicator is a modified version of the one i have colours are different, but the zones are the same , I have managed to utilise the zones in the EA but i am having troubles determining a perfect entry point once the price hits a good zone.

Note - This indicator is incredibly CPU intensive when backtesting even over a week worth of data so we have to be quite specific on entry rules. Hello, I mostly trade intraday with this system, I like M1 and M5 the most.

I trade the system manually, with the EA it's little bit complicated - maybe try to add some Price Action filters or just go for a trade by limit order with small SL and trail TP, but I am not sure if and how this could work in EA.

I've probably already answered on FF. Thanks for the video - good to see how the indicator works in that way. So it is not possible to look in the history, but in real time, there are good opportunities with the indicator.

This thread is awesome. I used this strategy also to see the resistance and support that will indicate the trend. Very useful to know the support level and resistance level. Free Forex Trading Systems. So here the saying below is really true: Hello, I am not the author of the indicator, so unfortunately I have only the. A couple of yesterday trades Why use a car when you can walk? You get the point? Yes, I get it, but maybe the car can be more effective.. This is what I have so far. Two more examples from yesterday trading..


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