The SRcandle Forex indicator for Metatrader 4 displays support and resistance levels on the 1 hour, 4 hour and daily chart.
S&R levels are based on the higher time frames and goes as follows:
- H1 (hourly) chart – support and resistance levels are based on the daily chart.
- H4 (4 hour) chart – support and resistance levels are based on the weekly chart.
- D1 (day) chart – support and resistance levels are based on the weekly chart.
Trading Signals
Buy signal:
In an up trend, go long above resistance (buy breakout) or buy near key support levels (buy on dips).
Sell signal:
In a down trend, go short below support (sell breakout) or sell near key resistance levels (sell on rallies).
Indicator Preferences
Currency pairs: all
Time frames: H1, H4, D1
Trading sessions: all
Download
Download the SRcandle.mq4 indicator.
Configurable Indicator Options
Support and resistance color
EUR/USD H1 Chart Example
How to install the H1, H4, D1 Support and Resistance custom indicator in Metatrader 4?
- Download the SRcandle.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.