Support and Resistance Tools
Info
The Support and Resistance Tools is a Indicator for MetaTrader 4 that this tool is designed to assist traders in identifying and tracking support and resistance levels on their charts. Changelog:How to use:Place your mouse cursor at the desired location and press the 'a' key (or the assigned key) to create a line.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Support and Resistance Tools
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This tool is designed to assist traders in identifying and tracking support and resistance levels on their charts.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Smart Swing-Pivot Support and Resistance Zones for MT4 - another powerful indicator for MetaTrader 4 traders.
This tool is designed to assist traders in identifying and tracking support and resistance levels on their charts.Also recommended: actual resistance and support lines indicator - similar indicator with strong performance on MetaTrader 4.
Changelog:
How to use:
Place your mouse cursor at the desired location and press the 'a' key (or the assigned key) to create a line. You can repeat this process as needed.
Features:
- Create horizontal lines with a single keystroke.
- Customize line colors and styles for support and resistance.
- Easily delete lines with a keystroke.
- Set alerts for when support or resistance lines are crossed.
- View support and resistance lines for different charts in the same window.
- Automatic line color adjustment based on market price.
- Display price information at the mouse position as a comment or in a floating box.
- Show pip distance between the line and actual price, with details on mouse hover.
- Access line history by clicking the label, including support/resistance occurrences and line crossings.
- Adjustable history depth (default is 200 candles in the current timeframe).
- Customize pip separation display and deviation settings.
Parameters:
- Purple text displays pip separation, customizable with your default lot size.
- Yellow floating box for mouse price and history information, movable within the chart.
- Blue circle for real-time price display at the mouse cursor.
- Example: Line color change at 0.71 when price crosses, with an alert sent via MetaTrader alert box or smartphone notification.
Feel free to suggest additional features or improvements.
You may also like: fibonacci support and resistance indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.07"
#property script_show_inputs
#property indicator_chart_window
#property strict
extern string linehorizontal="a"; //key to create a sr line (1)
extern color lineresistcolor=clrdodgerblue; //resistance line color (1)
extern color linesupportcolor=clrdarkorange; //support line color (1)
extern enum_line_style linestyle=style_solid; //style of sr lines (1).......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.