Manually plotting out your support and resistance lines or zones is usually the best way to go, assuming you know how to properly plot them. However, many good indicators have been developed that can handle this task pretty well. The importance of incorporating support and resistance into your trading cannot be overstated, as the market usually has, at least, a brief interaction with any important support or resistance level.

To learn why this happens and more support and resistance tips, download my free eBook, How to Choose Better Support and Resistance Levels. Horizontal support and resistance levels are not the only levels that you should be concerned with either; often, moving averages e. In addition, trend lines often act as support or resistance.

For the purpose of this article, we will focus on horizontal support and resistance indicators.

Forex Support and Resistance - urisofod.web.fc2.com

I personally plot all of my horizontal support and resistance levels manually, and I honestly believe that is the way to go. However, if you use pivot points, there are a few good, free indicators that can automatically plot these points for you in MT4. This handy indicator automatically plots your pivot point, based on the Daily chart or Fibonacci levels.

It can even plot inner and outer Fibonacci levels for you. One of the reasons I believe this is the best support and resistance indicator for MT4 is the fact that there are a ton of options to customize this indicator to your preferences. The default settings were correct on my charts. In my experience, this is the best support and resistance indicator for MT4.

I have two ideas that I believe would make excellent support and resistance indicators, but I need a talented MQL4 programmer to code them for me. Still looking for a profitable trading system?

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I wish I knew how to just edit this one, because it was good. How doI get the indicator on my chart? The file says it is an MLQS source file ,not an exe.

Am I doing smth wrong? I just re-downloaded it and installed it in another demo account. It still works fine for me. If you have more than one MT4 installed on your computer, make sure you put the indicator in the corresponding folder.

I just added it to a new demo account. Keep in mind that this indicator only works on H1 or lower time frames. I only know enough to edit from time to time and get myself into trouble. That being said, anyone that can add weekly and monthly pivots to this indicator is welcome to. Please send me the updated file too, so I can share it with everyone. Starting a thread at FF to see if we can get some help with this is on my list of things to do.

If someone else beats me to it, please share. Actually I look into the codes, the author has included the calculation Up to D1. And I have tested it, it does showed. Thanks for reading and commenting.

We need someone to add an option to display weekly and monthly pivot points as well. It would be nice to have the option to display any combination of daily, weekly, and monthly pivot points. Do you mean a tutorial on how to use pivot points? Check out my post, 3 Profitable Pivot Point Strategies for Forex Traders. Pleased to have found you!

Thanks for the kind words and thanks for reading. I love to hear that traders are finding value in these articles of mine. Chris i like one thing about you, the way you respond thats awesome. I have just downloaded the indicator and im gona give it a try. Thanks for the kind words. I try to respond to every comment as soon as possible. Thanks a stack pal!!!!

This is a very good indicator. Thank you very much Chris for taking the time to explain this indicator. I have used it successfully for a long time now. I would really love for a little addition to be made to this indicator.

That is can alerts be added to the support and resistance levels even the midpoint support and midpoint Resistance levels. Thanks for the comment, Precious. I only know enough to do some minor editing in some cases. Are there any programmers on here that would like to help and improve this amazing indicator? It would mean a lot really to us non programmer traders. Hello guys, I just read your post and downloaded this indicator. The main question from my side is. Is it really work for trading?

I mean, I already saw a lot of indicators and until now, nothing with a good results. Try it out to see if it works well for you. Also, this indicator is for MetaTrader 4. If you base your binary option trades off of a MT4 chart, then it could be useful to you. Otherwise, it will not work for you.

I really think that I can use it for BO together with my trading platform. Please let me know how you exactly use it with some screenshots and what do you all expect to get the alerts. You just trade these levels the same way you would trade any other support and resistance levels.

Come to think of it, I think I saw a newer version of this indicator somewhere and someone had already added alerts to it. Hi does anyone know if this is available for Metatrader 5? Should i move back to MT4?

How to Use Moving Averages as Support & Resistance Levels - urisofod.web.fc2.com

The community originally rejected MT5 when it was first released because it prevented traders from hedging among other things. The majority of brokers still offer MT4 instead of MT5. I believe in the coming years that MetaQuotes will end support for MT4 and brokers will be forced to use MT5 or something else instead.

You can always ask one of the programmers at the Forex Factory to code MT4 indicators and EAs so that they work with MT5 or pay a coder. I started out with MT5.

I moved back to MT4 for the same reason you mentioned. Just came across this indicator have not used it yet BUT it looks promising , just wanted to fine out whether it gives alerts when the SR lines are touched ,. Chris, send me the details you want to see in your ultimate SR indicator. I will code it for you. This may be a silly question, but did you extract it unzip it before you placed it into your folder?

If you did, check that you placed it into the correct folder follow the instructions above. I just re-downloaded and installed this version 4 on a couple of my MT4 platforms. It works fine for me. I also tried it on a build version. Worked fine there too. Notify me of followup comments via e-mail.

Support & Resistance Basics

You can also subscribe without commenting. START HERE BLOG REVIEWS DAY TRADING FOREX LIVE. Click for larger image opens in a new window. Chris October 22, Skye Cerrelli April 21, Chris June 5, Mido got this one working for us again. Chris March 15, Chris June 6, Mido fixed this indicator for us.

Forex June 26, TX For this article, i want to know if you have indicator free? Mark Paul July 16, Chris July 18, Mido October 16, Chris October 16, Precious February 24, THOMAS November 4, CAN SOMEONE TELL ME WHA TALL THE LINES STAND FOR? Mido December 12, Chris December 13, I missed this one. Good to see the community looking out for each other.

Rob January 11, Chris January 11, Mahesh February 2, Thank you for your recommendations and reviews which are excellent. Martin April 27, How do I get the indicator.

Best Support and Resistance Indicator for MT4 | FX Day Job

Chris May 30, Phil September 17, Chris September 17, Hey Phil, Thanks for commenting. Bojan September 24, Hey Chriss, any progres for D1 TF? Chris September 25, Hey Bojan, Thanks for commenting. Kate October 26, Hi there, Actually I look into the codes, the author has included the calculation Up to D1.

Thank you for sharing this wonderful indicator. Chris October 26, Hi Kate, Thanks for reading and commenting. Chris October 12, It should work for any MT4 platform.

Is there any tutorial for this Indicator if you have suggestion. Chris October 13, Freya November 29, Chris November 29, Hello Freya, Thanks for the kind words and thanks for reading.

Alex December 2, Chris December 2, Hello Alex, Thanks for the kind words. Sylvester January 28, Chris January 28, I do my best. Precious February 16, Chris February 16, Precious February 21, Chris February 21, Precious February 22, Chris February 22, Nice one chris…working very well.. Chris March 14, Lucas Caccavaro March 14, Hello Lucas, Try it out to see if it works well for you.

Lucas Caccavaro March 15, Hello Lucas, You just trade these levels the same way you would trade any other support and resistance levels. I must have been thinking of something else.

Will March 30, Chris March 30, Thanks for the comment, Will. As far as I know, this indicator is not available for MT5. John Jakobs April 3, Good Day Just came across this indicator have not used it yet BUT it looks promising , just wanted to fine out whether it gives alerts when the SR lines are touched , Thanks John.

Chris April 3, Thanks for the comment, John. This indicator does not use alerts of any kind. Eric April 7, Chris April 7, That would be awesome, Eric!

Chris April 15, Chris May 17, Thank you in advance. Add Comment Cancel reply Notify me of followup comments via e-mail. Harmonic Cypher Pattern Trading Guide. The Best Candlestick Pattern Indicator for MT4.

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