The Barry Support and Resistance MT4 indicator visualizes support and resistance levels on the charts.
Blue colored dots suggest support.
Red colored dots suggest resistance.
It works on all currency pairs and for all time frame’s.
Buy a close above resistance in up trending markets. Place stop-loss below previous support.
Sell a close below support in down trending markets. Place stop-loss below previous resistance.
Use in conjunction with trend analysis tools to determine the primary trend. Trade with the trend for best results.
GBP/USD Daily Chart Example
How to install the Support And Resistance custom indicator in Metatrader 4?
- Download the Support And Resistance.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.