What is Support & Resistance?
Many traders refer to the concept of support and resistance as the backbone of technical analysis. It is by far one of the most widely used tools in Forex, there's no question about that.
Support and resistance are used by traders to identify potential points on Forex charts where prices are likely to change direction. They are lines, best viewed as areas or zones where, in the past, buyers became sellers and sellers became buyers.
Support and Resistance Expert Advisor
The Support & Resistance Expert Advisor for MetaTrader 4 is an automated trading system developed by our experienced mentors with over 80 years experience combined.
It has been designed to help all traders with an active Forex Signals membership to automatically spot the levels that may serve as Support and Resistance and draw them on the charts as horizontal lines.
It can be used to trade any currency pair and can be applied to the following time frames: 1H, 4H 1D and 1W.
Not sure what time frame to use? No problem, you can merge the indicator for different time frames too!
Awesome... we know!!
Thousands of traders are already enjoying the simplicity this EA indicator brings to their day-to-day life. Why not let us make your life easier, too?
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Download the Support and Resistance EA to get access to our exclusive Risk Management tool. It can be used alongside the Support & Resistance indicator to evaluate your Take Profit and Stop Loss levels as well as set orders.Download (paid membership plan required)
How do you add the EA into your MT4 Terminal?
Want to see what the hype is all about? Great! Follow the instructions below to install your new favourite EA to your MetaTrader 4 terminal:
Download the file by clicking the button below.
Unzip the file into the MQL4/indicators folder of your MT4 terminal.
Restart your MT4 terminal to ensure the indicator has been added properly.
Run your new indicator by double clicking the indicator name in the Navigator tab.
Make sure you check the "Allow DLL imports" box and hit the "OK" button.
The indicator will now be added on your chart. (How amazing does it look, by the way?)
And that's it! You're all set up to start using your new favourite EA indicator!
What is Support?
Support is the lowest point of a price downward movement. Once the price hits the support level, the direction has the potential to change and prices begin to rise. Forex traders often refer to Support as a 'floor' that supports (or holds) prices.
Support levels signify that there are currently more buyers than sellers which means that there is more demand than supply in the market. It is drawn on the chart using horizontal lines, always below the current market price.
What is Resistance?
Resistance is the highest point of a price upward movement. Once price hits the resistance level, the direction has the potential to reverse and prices begin to fall. Forex traders often refer to Resistance as a 'ceiling' that restrains prices from rising higher.
Resistance levels signify that there are currently more sellers than buyers which means that there is more supply than demand in the market. It is drawn on the chart using horizontal lines, always above the current market price.
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