Support Resistance MTF Indicator 1.2
With Support Resistance MTF Indicator for Metatrader 4 you will be able to detect high probability reversals setups. The indicator detects so called “untouched” support and resistance price levels which nearly always produce a sharp reversal once the untouched price level is reached.
$14.99
With Support Resistance MTF Indicator indicator you will be able to detect high probability reversals setups.
The Support/Resistance MTF indicator is one of the key elements to detect my favorite setup type: Golden Setups!
The indicator detects so called “untouched” support and resistance price levels which nearly always produce a sharp reversal once the untouched price level is reached.
Additional benefits with the indicator are:
- detects support/resistance from higher time frames
- you can configure how the support/resistance is detected
The following screenshot shows how the untouched support/resistance price levels are drawn (and how the price usually reacts at these levels):
With this indicator you will have an additional information advantage:
While you are searching on lower time frames like M30/H1 for entry opportunities you will see the major support / resistance price levels e.g. from the weekly time frame.
The following screenshot shows the configuration parameters of the indicator:
Tips:
- For the trading systems which are presented on this website the weekly time frame is the best fit to draw support/resistance levels. The weekly time frame is the default setting
- Place this indicator multiple times (2 – 3 times) on the price chart with different settings of the parameter candlesLeftRight. The parameter candlesLeftRight defines which recent highs/lows are detected. The default value for the parameter candlesLeftRight is 3. If you add the indicator a second time to the price chart with e.g. candlesLeftRight = 6 then you will probably see additional support/resistance levels. If you want then you can add the indicator a third time with e.g. candlesLeftRight = 9. You can play with the numbers and see the results.
To your success! And Happy trading! 
Specification: Support Resistance MTF Indicator 1.2
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