Making your own lines of resistance and support (or zones) is the most effective method, provided you are able to correctly create the lines. However, several good indicators have been designed to handle this job quite well.

The significance of incorporating resistance and support into your trading strategy cannot be overemphasized, since the market typically has at the very least an hour of interaction with any significant level of support and resistance level.zTo find out how this happens, and for more advice on resistance and support levels get my free ebook, How to Choose the Best Support and Resistance Levels.

Horizontal resistance and support levels are not the only ones to be concerned about and often, moving averages (e.g. the 50 100, 100 as well as the 200-SMA) will offer the ability to provide dynamic resistance and support, however, these levels are more uncertain. Furthermore the trend lines are often used as resistance or support.

It is not necessary for downloading anything (other than the MT4) to plot the dynamic resistance and support lines or trend lines, since the default platform for trading is fitted with indicators for moving averages you can drag on your charts, and also draw tools for trend lines. In this article, we’ll concentrate on horizontal indicators for resistance and support.

Best support and resistance indicator mt4

I have a habit of plotting every one of my horizontal resistance and support levels by hand and believe this is the right most effective way to do it. If you do use pivot points there are several excellent free indicators that automately plot the pivot locations for you in the MT4 platform. The most reliable one I’ve come across is called vS_PivotsD (pictured in the below image).

This indicator is a great tool to automatically plot your pivot point in accordance with your Daily chart and Fibonacci levels. It displays the last day’s high and lowest S1-S3, the R1-R3 line and all mid-range resistance and support levels. It even plots both the inner as well as outward Fibonacci levels for you.

One of the main reasons I think this is the best indicator of resistance and support for MT4 is that there are tons of options for customizing this indicator according to your personal preferences. There are over 80 fields that you can edit in”Inputs. “Inputs” tab alone.

Don’t let the plethora of options entice you away from this indicator, however. It’s actually quite simple to set up, while offering options to alter colors, display locations and custom session times and so on. …. I only needed to change some settings to achieve the same display as in the chart above.

Once you’ve installed, you’ll be prompted to switch on your separators for periods ( Ctrl+Y) and ensure that the indicator’s new date is correctly aligned. If you need to have it changed, you can simply change either the “LocalTimeZone” or “DestTimeZone” variables. These default values were right in my charts.

Installation Instructions:

1. Extract and download the customized VS_PivotsD or the vS_PivotsD_v4 indicator.
2. It should be placed within it’s “Indicators” folder ( File > Open Data Folder > MQL4 > Indicators).
3. Restart MT4.
4. Start the “Navigator” window, if it’s not opened already ( Ctrl+N).
5. Drag the vS_PivotsD indicator on your chart.
6. Set color and settings when necessary, and then press”OK” to confirm “OK” button.

It’s possible to experiment with the settings for some time to achieve the look you’re looking for. While there are numerous options, the least-used ones can be set as “false” by default. I suggest changing your “ShowPanel” and “ShowDayCandle” variables to “false” for a cleaner chart.

According to my experiences, this is the most reliable indicator of resistance and support for the MT4. There are other indicators that are available however, I haven’t seen any that is particularly useful. I hope you discover this one helpful. Please let me know what you think in my comments.