Support/Resistance Line Detector
Indicator for MT4
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- The indicator does not repaint and works on any timeframe and symbol.
- The indicator is suitable for scalping and intraday trading.
- Real-time alerts system, push alerts, email alerts, and visual on-screen alerts.
======= Support / Resistance Line =======
- Confirmation Candle: minimum candles of support/resistance levels.
=========== Sending Alerts ===========
- When Displaying A New Line: send alert when displaying a new support/resistance line.
- When Line Is Crossed In Opposite Direction: sending an alert when a support/resistance is crossed in the opposite direction.
============ Alert Types ============
- Enable Sound Alert: message box alerts.
- Enable Mobile Alert: mobile phone alerts.
- Enable Email Alert: email alerts.
- Show Vertical Line: display a vertical line when an alert is sent.
======== Moving Average Filter ========
- Enable Filter: add a trend filter based on two moving averages to send signals in the trend direction only.
- Short-Term EMA: short Moving Average.
- Long-Term EMA: long Moving Average
Recommendations on usage
The best basic trading strategy in the market is to buy an asset when the prices are at the support level and to sell when the prices are at the resistance level.
Here are some of the trading strategies using support and resistance levels:
This is a trading strategy for trading sideways markets. These are markets that do not have a clearly defined trend. Breakout trading:
Support and resistance levels do not hold price hostage, it means they can be broken. Prices usually break after an extended period of consolidation, which presents traders with plenty of opportunities.
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