Support and Resistance Indicator You Can Download
If you use MT4 (Metatrader) there are a lot of support and resistance indicators you can download. If pivot point trading is part of your strategy, there are even more of those available.
Keep in mind that pivot points are another mathematical calculation. While some traders will say that institutions use them, there is no proof to the claim.
Also know that support once broken can act as resistance when price comes up from underneath. The opposite is true for resistance.
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| best support and resistance indicator mt4 free download |
I have applied the S/R indicator (you can download the indicator at the end of this post) to this daily Forex chart. While you can use any time frame, higher time frames usually have stronger levels. Using a “top down approach” is good trading business. I also prefer to use support and resistance with swing trading strategies or position trades.
Blue dots are support levels that could act as resistance if broken
Red dots are resistance levels that could act as support if broken
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The blue numbers are on top of the price and the arrows show the support and resistance zone that price went back into. Depending on your trading strategy, these all may be trades you could take.
Price broke support and rallied up to previous support which can now be traded as resistance
Price took out many resistance levels on the way up but got stopped at a major support level
Price rallied up into former support
Lower highs and higher lows equals congestion as shown by the white lines. Price will break and the trade is the retest
Price has rallied up into previous support and has held as resistance for 3 days
Pretty clear cut. You just need a trading strategy and entry trigger to take full advantage of the indicator plots.
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