SUPPORT AND RESISTANCE INDICATOR

Support and Resistance Indicator for MetaTrader 4 (MT4) draws the last 2 support and 2 resistance channels. Support Channel is shown with green and the Resistance Channel is shown with red. There is also one more color which is grey that indicates Support becomes Resistance and Resistance becomes Support.

MetaTrader 4 Support and Resistance

MetaTrader 4 (MT4)

SUPPORT AND RESISTANCE INDICATOR

  • Indicator Name: FxCanli Support & Resistance
  • Platform: MetaTrader 4 (MT4)
  • Type: Indicator
  • Currency Pairs: All Forex Pairs, All CFDs, All Cryptocurrencies and All Stocks
  • Time Frames: All
  • Notifications: Desktop and Smart Phone
  • Language Options: English and Turkish
  • Demo: 7 Days Free with any broker and any type of account ( Demo or Live)

What IS Support and RESISTANCE?

What Is Support?

Support is a price level where a down trend can be expected to stop falling any further and bounces back up
Look at the charts below for support channels at uptrend and downtrend.

Support

What Is ResIstance?

Resistance is a price level where a up trend can be expected to stop rising any further and pull back.
Look at the charts below for resistance channels at uptrend and downtrend.

Resistance

What Is Support becomes ResIstance?

Once the price break and close below a Support zone, that broken Support zone will become Resistance zone .

Example of Support becomes Resistance.

What Is ResIstance becomes Support?

Once the price break and close above a Resistance zone, that broken Resistancet zone will become Support zone .

Example of Resistance becomes Support.

MetaTrader 4 (MT4) Support and ResIstance IndIcator SettIngs

Support and Resistance

  • Language: Choose your language ( English or Turkish)
  • Period:
    • Auto: Time Frame of the chart
    • Selection: Show S&R channels of the selected Time Frame
  • Channel Type
    • Major Channels
    • Minor Channels
  • Color: Choose the color of
    • 1st Resistance Channel
    • 2nd Resistance Channel
    • 1st Support Channel
    • 2nd Support Channel
    • Support to Resistance Reversal Channel
    • Resistance to Support Reversal Channel
  • Fill it: Choose Fill or Empty Channels
  • Extend: Choose the Channel Extend or not
  • Alerts
    • Breakout: Get alerts at Breakout
    • Touch Zone: Get alerts when price reaches to Channels
  • Notification as Popup
  • Bring Chart on Top at alert
  • Alert with Arrow
  • Notification as Mobile Alert
  • Notification as Email

Support Resistance Indicator Mt4

Alert and Mobile Notifications

Support and Resistance Indicator is with you wherever you are. Why spend time just glaring at your screen and hoping something finally will happen?
Why not spend that time actually being productive?
The most popular and unique feature of the Support and Resistance Indicator allows you to do exactly this.
A notification will be sent to your smart phone if you have MetaTrader 4 (MT4) installed or be shown as a pop-up on your monitor.
This way your trading will not get in the way of your business and private life.

How trade Support and ResIstance?

Entry: Sell after candle is closed below Support channel

Target: Next Support Channel

Stop: Use 1:2 Risk/Reward ratio

Entry: Buy after candle is closed above Resistance channel

Target: Next Resistance Channel

Stop: Use 1:2 Risk/Reward ratio

Entry: Sell after bearish candle is closed at Support becomes Resistance area.

Target 1: Next Support Channel
Target 2: Next Major Support Channel

Stop: Use 1:2 Risk/Reward ratio

Entry: Buy after bullish candle is closed Resistance become Support area.

Target 1: Next Resistance Channel
Target 2: Next Major Resistance Channel

Stop: Use 1:2 Risk/Reward ratio

Entry: At the downtend, sell at candle close below Support channel.
At the uptrend, buy at candle close above Resistance channel

Target: At the downtrend first major Support channel of higher time frame
At the uptrend first major Resistance channel of higher time frame

Stop: Use 1:2 Risk/Reward ratio

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