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Aeron Scalper Expert Advisor

Aeron Scalper is forex robot for MT4 that very sensitive to broker that you use. Creator of Aeron Scalper EA test it on Real Money account

Forex Profit Heaper

Forex Profit Heaper is forex system created by ForexMt4Systems Team. Contain 6 indicators designed fot TimeFrames M5-D1 + PDF used guide

Full Throttle Forex system

Full Throttle Forex where you’re going to learn how to apply some new techniques to our old indicators that for the next many years will give you the edge that the players who invented these indicators had 30 and 40 years ago when they created them.

KeltnerPro forex EA

KeltnerPro forex robot

KeltnerPro – forex robot that requiresMT4 platform . Most Brokers provide MT4 on their websites.
KeltnerPro should be run on 5 different charts. As a result, is relatively demanding. We suggest that you use a Virtual Private Server (VPS) If you don’t have a very good computer or internet connection.
KeltnerPro must be left on 24/7 to run properly

Green-Red Fisher Indicator

Simple green-red Fisher MT4 Indicator

Fisher Indicator – simple indicator that generate trading signals in separate window. This indicator put mathematical calculations, built on the ratio of current price to the minimum – maximum with extremes of the price of the previous periods .

Green-Red Fisher Indicator screen:

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The Best Support and Resistance Indicator for MT4

Support and resistance trading can be a very profitable trading strategy.

However, most of the time when we look for support and resistance indicators for Metatrader 4 (MT4), we get an indicator that draws a whole bunch of lines at every swing high and swing low and it turns it into an absolute mess.

We’re left staring at the mess and scratching our heads in finding our how exactly to calculate important support and resistance levels. There simply isn’t a proper way to filter out which lines are stronger, which are weaker and which should be completely ignored.

Now, this is where The Forex Army has finally, after months of fine tuning, built an indicator that helps accurately identify support and resistance trading zones. The reason for this is more often than not, support and resistance comes in the form of ‘zones’ and ‘areas’ instead of specific ‘lines’ which most indicators make the mistake of.

Given our in-depth understanding of technical analysis in determining support and resistance levels, we’re able to factor all these in during the creation of this indicator.

1. Support and Resistance Simplified

Support and resistance levels are essentially key levels a person should watch out for because previous price action between the bulls and bears have given us a key sign into the importance of those levels. See price failing to break above this resistance line for the past 3 times? That’s clearly a strong level to pay attention to.

If you see price failing to break below this horizontal support line multiple times, it is a strong level to pay attention to too. One of the most common questions we’re asked is how to determine resistance and support lines – especially which ones are the most important since based on how we draw them, almost every level can be an important level.

Quite simply put, there are many ways to draw support and resistance lines but only a few correct ways to do so.

There are ascending/descending lines (most inaccurate) because the subjective nature of taking the proper levels is too subjective.

There are channels which require at least 2 points on top and 2 points below which are fairly more accurate.

Then there are horizontal support/resistance levels which are the most accurate because it leaves extremely little room for subjective interpretation. To this tune, we’ll be focusing on the key support and resistance levels from such horizontal lines/areas.

2. What makes the TFA Support & Resistance Indicator different?

What makes this support vs resistance indicator different from all the hundreds others out there is that it filters out a lot of the weak levels and on top of that, it doesn’t only find support and resistance levels, but instead more importantly, find support and resistance areas.

This gives a much better idea on which levels to watch out for. The system is also able to find graphical overlaps (very strong form of support and resistance) which is essentially a support/resistance level at which price initially broke and re-tested without success.

There are many sites out there including the resistance vs support articles on investopedia that teaches you the very basics of support and resistance, but we’re different, we take it two and even three steps further as we show you how to combine it all together to come up with a really fantastic support and resistance trading strategy.

3. Explaining Resistance

The Resistance is always above current price. A couple of the key signs of resistance to look out for are swing highs. Another form of resistance is the pullback resistance. This is when a previous swing low is converted into a resistance because price had broken below is and is now rising to test it again. Here is how a swing high and a pullback resistance looks like :

Support and resistance indicator for MT4

When more than 1 swing high combine, it becomes a stronger level of resistance.

Support and resistance trading zones

Pullback resistance turns into a strong graphical overlap resistance if price reverses off it. This shows that there are more bears than bulls at this key decision point.

4. Explaining Support

The Support is always below current price. A couple of the key signs of support to look out for are swing lows as seen here : When more than 1 swing low combine, it becomes a stronger level of support.

Multiple swing lows now form a support area

Another form of support is the pullback support . This is when a previous swing high is converted into a support because price had broken above it and is now dropping to test it again.

Previous swing high resistance turns into pullback support

This pullback support turns into a strong graphical overlap support if price reverses off it. This shows that there are more bulls than bears at this key decision point.

5a. Support & Resistance Indicator Settings

I highly recommend watching this video to see how the support and resistance indicator works on an MT4 chart. I explain in detail the settings below too.

There are a few settings that you should understand about this indicator to better help you use it effectively.

SwingSensitivity : This is how many bars you would need on the left/right of a high/low to create a swing high/low. This means that for example, if you have 20 as this value, then the swing high would require 20 bars to the left and to the right of it to be lower than it to create the swing high point. The higher this value, the stronger the swing highs/lows you identify.

InitialPips : What the indicator does is it takes these swing highs/lows and plots a line to detect whether it coincides with other swing highs/lows. The InitialPips value is the ‘buffer’ it uses to detect whether another swing high/low is near it. A value of 5 would mean it scans 5 pips above and below the first swing high/low for any other swing high/low to reach it. The key idea here is to find areas where multiple swing high/lows coincide.

15 min chart : 5

30 min chart : 7

This is not a hard and fast rule, rather, the main idea is to provide more scanning area for overlaps as the time frame goes bigger.

FurtherPips : Once the second swing high/low is reached, the indicator will use this new resistance/support area and do a modified scan based on FurtherPips. This works the same way as InitialPips.

15 min chart : 9

30 min chart : 15

This is not a hard and fast rule, rather, the main idea is to provide more scanning area for overlaps as the time frame goes bigger.

BrokenCount : This value scans how many times the particular support/resistance identified has been broken. The more times a support/resistance level is broken, the weaker it is. A value of 0 means that the level can be broken only once. If it is broken a second time, it disappears.

BrokenBars : This is the number of bars that must be closed below the support/resistance level for it to be considered truly broken (links with BrokenCount above). The reason for this is sometimes price tests these support/resistance levels and bounces back (like a doji). This actually means the support/resistance level is stronger and such a filter allows us to prevent such price action from tricking us. I prefer to keep this at about 3 across all time frames.

ToggleStrength : This toggles the thin lines with only one swing high/low and the thicker lines with at least 2 swing high/lows connected. This helps you pick out which are immediately the stronger levels to watch out for.

5b. How do I get this indicator?

Special edit : So a lot of people (and I mean a lot) have been asking me how they can get a hold of this indicator. I don’t usually offer this indicator for sale separately but i’ll be doing this moving forward. If you want a copy of this indicator, please click the link below.

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