OHLC Support & Resistance Forex Metatrader 4 Indicator
The OHLC Support & Resistance Forex MT4 indicator draws the daily support and resistance levels in the form of horizontally aligned colored lines on the main chart .
Trading support and resistance levels is a famous trading strategy used by many successful traders around the world.
For example, you can successfully trade price breakouts with this indicator (learn more below).
Support and resistance works on any time frame but it’s more powerful on the higher time frames.
Works for day, scalp and swing traders.
- The red horizontally aligned line represents daily resistance level.
- The green horizontally aligned line represents daily support level.
- Buy a price breakout above daily resistance level.
- Sell a price breakout below daily support level.
Learn below how to open buy and sell trades with the OHLC Support & Resistance MT4 indicator.
Indicator Example Chart
Here’s an example (EUR/USD H4 chart) of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Signals With The OHLC Support & Resistance MT4 Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: A buy trade will be triggered when price breaks and closes above the previous day resistance (red line).
Set stop loss below daily support, or use your own favorite SL method.
Close the buy trade for a reward/risk ratio of 2.0 or better, or deploy your own favorite take profit method.
Sell Trigger: A sell trade occurs when price breaks and closes below the previous day support (green line).
Set stop loss above daily support, or use your own favorite SL method.
Close the sell trade for a reward/risk ratio of 2.0 or better, or deploy your own favorite take profit method.
Download This Forex Indicator
Adjustable Parameters & Settings
Time frame, method, count TF, color, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
The indicator can be deployed as a standalone trading system or strategy.
It can also be combined with trend indicators and price action strategies.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: support & resistance
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.