Support and Resistance Indicator mt4 gives us information about where’s the price can possible to reverse. It means not definitely will revers from it. But maybe it will revers from it. you must make good decisions with your analysis. this indicator is only red light to wait and think about the current Forex market position. Always do good money management and use a stop loss.
How to install Support and Resistance Indicator mt4 .
Download Support & resistance indicator >open meta trader plat form> go File menu> open data folder > open MQL4> open indicator folder> insert indicator. Re start meta trader flat form. Load currency pair chart & insert indicator.
When we trading Forex we need to get an idea where’s price can be reversed. So, support & resistance is a good tool to identify trend reversal. Most Forex traders are using this indicator & getting success with it. You can use this any currency pairs & any time frame. This indicator will forecast data from collecting past high & low points. After you enter a trade, then you can place take profit level near support or resistance. When you within buy trade, then you can place take profit level near the resistance level. If you within sell trade, then you can place take profit level near the support level.
If you enter to buy trade place stop loss level near support.When you enter to sell trade place stop loss level near resistance. This indicator is good for scalp & trend trading. But you can’t identify a trend with this indicator. This indicator important to identify trend reversal.
Therefore, use another indicator to identify the trend. Which are moving average, Elliott wave indicator, trend line, Fibonacci. Follow money management to protect your trading account. It is good for the future. Don’t take the risk for whole money. You can choose the percentage of your capital, it must take a risk as you can. Otherwise, you will be lost your money. So, don’t try to lose your money. you must try to increase your trading account balance day by day.
TP & SL
As you wish.