Support-Resistance Indicator and Trading System

The Support & Resistance Indicator is designed to help traders in their daily trading activities. It identifies and displays on the MT4 charts the price levels that have been actively engaged before as rectangular areas.

The height of support or resistance areas is determined by the difference between the highest and lowest prices that the level has experienced.

Resistance levels are shown in orange, while support levels are displayed in blue.

It’s important to note that the Support & Resistance indicator doesn’t change its markings over time. Nevertheless, if new highest or lowest prices occur within a specific support or resistance range, it can increase the height of that area.

There are various methods to draw support and resistance levels. For instance, the Pivot Points indicator relies on data from previous candlesticks for this task. Meanwhile, the S&R indicator pinpoints levels based on the maximum number of price touches.

The term “touch” is subjective, as everyone may interpret it differently. To address this, we utilized a readily available Fractal indicator to identify touches, which represent extreme price levels.

The Fractal indicator’s formula is effective across different timeframes, making the Support and Resistance indicator adaptable to any timeframe as well.

Once the touches are identified and marked, the indicator algorithm locates levels with the highest number of price interactions and showcases them on the chart.

To view the price interactions with a specific level, click on the numerical value on the left side of the rectangle.

• Download “ForexWOT-SupportResistanceSystem” (Zip/RAR File).
• Copy mq4 and ex4 files to your Metatrader Directory …/experts/indicators/
• Copy the “ForexWOT-SupportResistanceSystem.tpl” file (template) to your Metatrader Directory …/templates /
• Start or restart your Metatrader Client.
• Select Chart and Timeframe where you want to test your forex system.
• Right-click on your trading chart and hover on “Template”.
• Move right to select “ForexWOT-SupportResistanceSystem” trading system and strategy.
• You will see the “ForexWOT-SupportResistanceSystem” is available on your Chart.