Support and Resistance MetaTrader indicator 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.
How to trade with Support and Resistance
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.
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How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Support and Resistance” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.
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