Support and Resistance Indicator for Metatrader 4 Explained

Traders use support indicators to identify a price level at which the buying interest is high. When the price is nearing a support level, there is a shift from sellers to buyers. In other words, a support level is a low that a price has hit and continuously retested.

Before reading the article and writing your questions in the comments section, I recommend to watch this video. It’s not long but covers the biggest part of questions on the topic.

 

To determine a price level at which selling pressure overcomes buying pressure, traders use resistance indicators. When the price is coming closer to a resistance level, buyers are giving up their positions while sellers are becoming more aggressive.

What is the support/resistance level?

The support level is a level on a currency chart that the price retests multiple times and then starts to go up. I’s a level where a price stops falling because buyers are pushing the price back up.

Resistance level is a level that the price retests multiple times and ends up going down. It marks the level where the price stops rising.

ACD – Plots support/resistance levels.

Countback line – Plots support/resistance levels using lows and highs.

Distributive Pricing – Identifies the momentum of a currency pair price.

Gann Resistance – Plots a Gann Square and support/resistance levels.

Grid Builder – Plots psychological levels.

Happs Phases – Plots phase lines

Indtddemark3 – Visualizes multiple trading parameters

Jason Breakout Box – Identifies time ranges and take profit levels

Math System Trader – Plots support/resistance levels

MaxMinBands – Helps traders understand and assess the current market situation

MorningFlat – Tool to trade morning flat breakouts

Mouteki heartmono – Smart trading strategy

Murrey Math Black – Plots Murrey levels

Murrey Math Modified – Effective tool that uses Murrey theory

NRTR – Plots support/resistance lines and identifies take profits

P-Monthly – Month pivot points indicator that identifies take profits and stop losses

Price Channel Stop – Clever “envelope” indicator

Price Sound TS Dinapoli – Trades DiNapoli Levels

Signal Length – Plots channels

Sweet Spots – Plots support/resistance level

TAACH Chanels – Quick tool to plot channels

TLB OC – Simple indicator to identify alternative levels using closing prices

Tradechannel – Channel indicator that can plot Fibonacci Fans

Universal Ranger – Calculates and plots support/resistance levels

Univsrt – Indicator from an Arabian-language paid website

WeeklyPivot – Pivot points indicator

 

9 COMMENTS

  1. A general starter question: how many pairs would you recommend watching for someone starting out in forex

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