Support and Resistance

Support and Resistance MetaTrader indicator — as the name of this indicator suggests, it displays the support and resistance levels. It shows them directly on the chart, providing an easy help when you want to set stop-loss or take-profit level, or when you want to see the next market target. This indicator uses the standard MetaTrader Fractals indicator (by Bill Williams' method) and has no changeable input parameters. This indicator is available for MetaTrader version 4 and 5.

Input parameters

• EnableNativeAlerts (default = false) — if true, a native MetaTrader popup alert will be used when price closes above or below the support or resistance level.

• EnableEmailAlerts (default = false) — if true, an email message will be sent when price closes above or below the support or resistance level. Email should be properly configured in MetaTrader via Tools->Options->Email.

• EnablePushAlerts (default = false) — if true, an email message will be sent when price closes above or below the support or resistance level. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.

• TriggerCandle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.

Example and strategy

The picture says it all. Use the levels marked by the blue dots for support and the levels marked by the red dots for resistance. And don't forget that support may become next resistance if breached and vice versa.

Download (ver. 1.02, 2022-03-23)

• Support and Resistance for MetaTader 4 in .zip

• Support and Resistance for MetaTader 4 in .mq4

• Support and Resistance for MetaTader 5 in .zip

• Support and Resistance for MetaTader 5 in .mq5

Discussion

• Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

• You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.