Free

The Support And Resistance Power indicator for MetaTrader 4 (MT4) is a price-based trading tool that identifies key support and resistance levels using the highest high and lowest low over a chosen period. It does not rely on complex calculations or formulas, making it a straightforward and reliable indicator for forex traders.

How the Indicator Works

High and Low Identification:
- Finds the highest high in the input period and marks it as resistance
- Finds the lowest low in the input period and marks it as support
Visual Representation:
- Resistance lines are red dotted lines
- Support lines are blue dotted lines
Timeframe Flexibility:
- Works on intraday, daily, weekly, and monthly charts
- Suitable for Scalping, intraday, swing, and long-term trading

How to Trade Using Support and Resistance Power

Buy Trades:
- Enter a buy trade above the support line
- Place a stop loss just below the support
- Consider booking profits at the next resistance level or upon an opposite trading signal
Sell Trades:
- Enter a sell trade below the resistance line
- Place a stop loss above the resistance
- Book profits at the next support level or upon an opposite trading signal

Benefits of the Indicator

Eliminates discretion: Automatically identifies support and resistance levels for traders
Simple to use: Ideal for both beginners and advanced traders
Works on all timeframes: Effective for short-term and long-term trading strategies
Supports price-based trading: No reliance on moving averages or other lagging indicators

Conclusion

The Support and Resistance Power indicator for MT4 provides a clear, automated way to identify key levels in the market. By using the highest high and lowest low of a selected period, it helps traders make objective trading decisions and reduces errors from subjective level identification.