How to Set Support & Resistance Indicator on MetaTrader 4 Charts
Step 1: Open Navigator Panel Window on Trading Platform
Open the Navigator window like is shown & illustrated below: Go to the 'View' menu (press on it), then select 'Navigator' panel (click), or From Standard ToolBar click 'Navigator' button or press key board short-cut keys 'Ctrl+N'
On Navigator window, select and choose 'Technical Indicators', (DoubleClick)
How Do You Add Support & Resistance Technical Indicator on MetaTrader 4 Platform - MT4 Support & Resistance Trading Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding Support & Resistance MT4 Indicator
Expand this menu by pressing the magnify(+) tool mark initial ' + ' or doubleclick the 'indicators' menu, after that this button will appear and be shown as (-) & will now display a list just as shown below - select and choose the Support & Resistance chart indicator from this list of indicators so that to add the Support & Resistance indicator to the chart.
How Do I Add Support & Resistance Indicator - From the Above window you can then place Support & Resistance indicator that you want on the chart
How to Set Custom Support & Resistance Trading Indicator to MT4 Software Platform
If the indicator you want to add is a custom indicator - for example if the Support & Resistance trading technical indicator you want to add is a custom technical indicator you will need to first add this custom Support & Resistance indicator on the MT4 software & then compile the custom Support & Resistance indicator so that as the newly added Support & Resistance custom indicator pops up on the list of the custom technical indicators on MetaTrader 4 software.
To learn how to install Support & Resistance indicators in MT4, how to add Support & Resistance trading indicator panel to MT4 and how to add Support & Resistance custom indicator in the MT4 - How to add a custom Support & Resistance indicator on MetaTrader 4.
About Support & Resistance Technical Indicator Example Explained
Support & Resistance Technical Analysis & Support & Resistance Signals
Support and Resistance is one of vastly used concepts in Forex. Majority of traders plot & draw horizontal lines to show these levels.
There is also an indicator used to plot these levels automatically and indicate the resistance and support levels.
When it comes to these levels price can either bounce off these levels or break these levels.
If a resistance level is broken price will go higher and the resistance zone will turn to a support.
If a support level is broken price will move lower & this technical level will turn to a resistance.
Price where the many & majority of traders believe that prices will move higher, while resistance zones show price at which a many & majority of investors feel prices will go lower.
Once price has broken through a support or a resistance then it's likely the price will continue heading in that given direction until it gets to the next support/resistance level.
The more often a support resistance level is tested or is touched by price & bounces, the more major that specified level becomes.
Technical Analysis and How to Generate Trading Signals
These levels are calculated a trendlines method.
Upwards Trend
In an upwards trend the resistance & support will in general head upward
Upwards Trend
Downwards Trend
In a downward trend the resistance and support will in general head downward
Downwards Trend
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