The Best Support and Resistance Indicator for MT4.
Support and resistance trading can be a very profitable trading strategy. However, most of the time when we look for support and resistance indicators for Metatrader 4 (MT4), we get an indicator that draws a whole bunch of lines at every swing high and swing low and it turns it into an absolute mess. We’re left staring at the mess and scratching our heads in finding our how exactly to calculate important support and resistance levels. There simply isn’t a proper way to filter out which lines are stronger, which are weaker and which should be completely ignored.
Now, this is where The Forex Army has finally, after months of fine tuning, built an indicator that helps accurately identify support and resistance trading zones. The reason for this is more often than not, support and resistance comes in the form of ‘zones’ and ‘areas’ instead of specific ‘lines’ which most indicators make the mistake of. Given our in-depth understanding of technical analysis in determining support and resistance levels, we’re able to factor all these in during the creation of this indicator.
1. Support and Resistance Simplified.
Support and resistance levels are essentially key levels a person should watch out for because previous price action between the bulls and bears have given us a key sign into the importance of those levels. See price failing to break above this resistance line for the past 3 times? That’s clearly a strong level to pay attention to. If you see price failing to break below this horizontal support line multiple times, it is a strong level to pay attention to too.
One of the most common questions we’re asked is how to determine resistance and support lines – especially which ones are the most important since based on how we draw them, almost every level can be an important level. Quite simply put, there are many ways to draw support and resistance lines but only a few correct ways to do so.
There are ascending/descending lines (most inaccurate) because the subjective nature of taking the proper levels is too subjective.
There are channels which require at least 2 points on top and 2 points below which are fairly more accurate.
Then there are horizontal support/resistance levels which are the most accurate because it leaves extremely little room for subjective interpretation.
To this tune, we’ll be focusing on the key support and resistance levels from such horizontal lines/areas.
2. What makes the TFA Support & Resistance Indicator different?
What makes this support vs resistance indicator different from all the hundreds others out there is that it filters out a lot of the weak levels and on top of that, it doesn’t only find support and resistance levels, but instead more importantly, find support and resistance areas. This gives a much better idea on which levels to watch out for. The system is also able to find graphical overlaps (very strong form of support and resistance) which is essentially a support/resistance level at which price initially broke and re-tested without success.
There are many sites out there including the resistance vs support articles on investopedia that teaches you the very basics of support and resistance, but we’re different, we take it two and even three steps further as we show you how to combine it all together to come up with a really fantastic support and resistance trading strategy.
3. Explaining Resistance.
The Resistance is always above current price. A couple of the key signs of resistance to look out for are swing highs. Another form of resistance is the pullback resistance. This is when a previous swing low is converted into a resistance because price had broken below is and is now rising to test it again.
Here is how a swing high and a pullback resistance looks like :
Support and resistance indicator for MT4.
When more than 1 swing high combine, it becomes a stronger level of resistance.
Support and resistance trading zones.
Pullback resistance turns into a strong graphical overlap resistance if price reverses off it. This shows that there are more bears than bulls at this key decision point.
4. Explaining Support.
The Support is always below current price. A couple of the key signs of support to look out for are swing lows as seen here :
When more than 1 swing low combine, it becomes a stronger level of support.
Multiple swing lows now form a support area.
Another form of support is the pullback support . This is when a previous swing high is converted into a support because price had broken above it and is now dropping to test it again.
Previous swing high resistance turns into pullback support.
This pullback support turns into a strong graphical overlap support if price reverses off it. This shows that there are more bulls than bears at this key decision point.
5a. Support & Resistance Indicator Settings.
I highly recommend watching this video to see how the support and resistance indicator works on an MT4 chart. I explain in detail the settings below too.
There are a few settings that you should understand about this indicator to better help you use it effectively.
This is how many bars you would need on the left/right of a high/low to create a swing high/low. This means that for example, if you have 20 as this value, then the swing high would require 20 bars to the left and to the right of it to be lower than it to create the swing high point. The higher this value, the stronger the swing highs/lows you identify.
15 min chart : 5.
30 min chart : 7.
This is not a hard and fast rule, rather, the main idea is to provide more scanning area for overlaps as the time frame goes bigger.
15 min chart : 9.
30 min chart : 15.
This is not a hard and fast rule, rather, the main idea is to provide more scanning area for overlaps as the time frame goes bigger.
I prefer to keep this at about 3 across all time frames.
5b. How do I get this indicator?
Special edit : So a lot of people (and I mean a lot) have been asking me how they can get a hold of this indicator. I don’t usually offer this indicator for sale separately but i’ll be doing this moving forward.
If you want a copy of this indicator, please click the link below.
6. Increasing the strength of support & resistance levels.
Now that you have identified a support/resistance area, the next thing to do is to add in other elements to see how strong it is. We like to use a holistic approach to assessing the strength of a support/resistance level. Horizontal support and resistance are graphical. There are 5 other things you can add that can not only add different dimensions to assessing the strength of these levels, but also greatly improve the probability of price reacting off these levels you have identified :
6.1. Using Fibonacci Retracements and Extensions.
Firstly, you can use the leading element of Fibonacci Retracements and Extensions and assess whether the support and resistance levels identified coincides with a key fibonacci retracement level. If it does, that increases its strength. The key levels to watch out for are 23.6%, 38.2%, 50%, 61.8% .
Here’s an example of a key support level on AUDNZD lining up well with the 50% Fibonacci retracement level :
Using Fibonacci for trading support and resistance levels.
6.2. Using RSI and Stochastics.
Another way to assess the strength of a support/resistance level is to add in the oscillator element by making use of the many effective ways to read the Relative Strength Index (RSI) and Stochastics Indicators . This adds a different dimension into assessing the strength. Here’s an example using RSI on AUDNZD for a support level that we were approaching :
Using RSI in your support and resistance trading strategy.
6.3. Using EZ/DZ levels.
Next, we can add in the element of volatility by using our famous EZ/DZ levels that are built into the TFA Sniper. When price reaches these levels, it is a clear sign of there being too much volatility and price is in its extreme zones. It would then be good to use these levels for trade entries. It is worth noting that EZ/DZ levels are best used when analyzing support and resistance levels on 1 and 5 minute charts.
6.4. Using TFA Flag Formation Strength.
Now, on top of adding the graphical elements (horizontal support/resistance levels), leading elements (fibonacci retracements and extensions), oscillator element (RSI and stochastics) and volatility element (EZ/DZ levels), we go one step further and add in the momentum element through our very own famous Flag Formation Strength .
The TFA Flag Formation Strength is a very good indication of how strong bearish/bullish price action is for a currency pair. The key is to sell when we see that overall market momentum is bearish and to buy when overall market momentum is bullish.
6.5. Using Candlestick Formations.
Last but definitely not least, a very good indication of whether we’re seeing a price reversal off our support and resistance levels is by using the dimension of price action, this is done through candlestick formations. If you see price testing our support and resistance levels and it forms a candlestick reversal pattern like a bearish engulfing, or a morning/evening star, then it’s an even stronger sign that we’re seeing a price reversal from here.
Here’s the top 10 by Thomas Bulkowski on the best candlestick reversal patterns :
Candlestick Reversal at support and resistance levels.
7. Piecing it all together.
Ultimately, as you are identifying support and resistance levels with the techniques you have learnt here, the more elements you can find to ‘support’ your support and resistance levels, the stronger that level will be and the more confidence you can have to trade off those levels.
The perfect scenario would be when all the elements line up together, however, that is rarely the case. A good approach would be to allocate different risk for each type of trade. If there’s only a horizontal support/resistance level with 2 swing high/lows, you could allocate 0.25%. With each new element you find, you can add on another 0.25% to a maximum of 1% for each trade – this is good because it’s always better to hit harder when you are confident and scale back when you’re not so confident of your trade setups.
A good and easy way to manage your risk allocation to each trade is with our very own TFA Trade Manager , designed to work intuitively to your flow of trading.
So in conclusion, we have shown you how we have created the best support and resistance indicator for MT4, the logic behind it and how you can include additional indicators to improve your trading probability and profitability. Go forth and bag some pips, soldier!
8. How do I get this indicator?
Special edit : So a lot of people (and I mean a lot) have been asking me how they can get a hold of this indicator. I don’t usually offer this indicator for sale separately but i’ll be doing this moving forward.
If you read until here, I’ll take my hats off to you. Here’s a special link to get 10% off the price of this indicator. Use the coupon code : IREADTHEWHOLEARTICLE.
If you want a copy of this indicator, please click the link below.
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Support and Resistance.
Support and Resistance MetaTrader indicator — as the name of this indicator suggests, it displays the support and resistance levels. It shows them directly on the chart, providing an easy help when you want to set stop-loss or take-profit level, or when you want to see the next market target. This indicator uses the standard MetaTrader Fractals indicator (by Bill Williams' method) and has no changeable input parameters. This indicator is available for MetaTrader version 4 and 5.
The picture says it all. Use the levels marked by the blue dots for support and the levels marked by the red dots for resistance. And don't forget that support may become next resistance if breached and vice versa.
Discussion:
Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.
Do you have any suggestions or questions regarding this indicator? You can always discuss Support and Resistance with the other traders and MQL programmers on the indicators forums.

Support And Resistance.
The Metatrder Support And Resistance Forex Indicator is free. Even as help to make used of this Support And Resistance, they didn’t asked us also a single cent of payment. Therefore, the foreign currency trading indicator is absolutely free.
With the utilization of this specific indicator, we have conducted several tests . And do you know what, it works fantastically as to what we have expected. It’s very compatible in both MT4 and MT5 (Metatrader 5) version and could work to some other Meta Trader systems as well. There are many very much the same indicators attainable and free to download from the Forex Support Resistance Indicators group.
We will be happy if you rate the indicator and throw in some of your comments or opinions by posting it in the comment section when you are already settled to make use of this Support And Resistance and find this indicator as beneficial for Forex. Together with your comments, ratings and testimonials, you can even help your fellow FX traders to try such indicators.
Obviously, most foreign currency investors will look for better indicators that will help them trade much more and correctly. And we’ll be really glad to find out that this free Support And Resistance indicator is helping traders in having the best deals to boost their income in return. Furthermore, we make sure the Forex indicators like Support And Resistance are posted in our internet site. On this, downloading it at no cost and make smart choices and become greater traders in return is possible.
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Download indicator support resistance forex

This multi-timeframe indicator automatically draws Support and Resistance levels for:
- Daily (D1) in red ,
- 4 hour (H4) in blue ,
- 1 hour (H1) in green,
- and 15 min (M15) time frames in yellow .
On the 15 min USDCAD chart above the Daily resistance is held beautifully, even though we have a small spike through the level (around 6.5 pips).
We'll talk about S&R more our general topics, but you should note here, that Support and Resistance are not the exact price levels, but rather areas of 10-20 or more pips, where the action occur.
Therefore, the spike through the red D1 line doesn't mean that the D1 Resistance has been broken at that point, but rather quite the opposite - the D1 resistance held well upon the test.
Settings for KG_Support_and_Resistance. mq4.
To remove/hide any of the SR lines, change the color of the lines to match your chart background color, as shown on the screenshot below:
trader.
thank you for this indicator. it looks very good one, I will test it and see how it reacts.
Excellent tool in multi timeframe for seeing the supply and demand combined with volume and price action.
Please explain the KG Support and Resistant indicator in detail.
I am new to support and resistant. I think this indicator will make me profit.
very nice indicator. Can you edit the code to generate signals to an ea.
Very Interesting Indicator! Can you tell me when the first red or blue dot starts to plot on the chart?
Is it at the beginning of the swing or a few bars after the swing has being established?