The weekly support & resistance Forex indicator for Metatrader 4 draws horizontal S/R levels on the chart based on the weekly candlestick from past week.
It’s a great trading indicator for swing and longer-term traders.
Use the indicator on the 4 hours and daily charts.
Look to buy near the weekly support level in an uptrend.
Look to sell near the weekly resistance level in an downtrend.
Currency pairs: Any
Preferred Time frames: Suitable for 4 hour and daily charts.
Configurable Indicator Options
Count bar, start, time frame
GBP/USD Daily Chart Example
How to install the Weekly Support/Resistance custom indicator in Metatrader 4?
- Download the weeklySR.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.