Support and Resistance is a useful forex indicator that is popular among MT4 traders for identifying key levels in the market. This indicator is free to download and easy to use, making it a go-to tool for both beginners and experienced traders. Support and Resistance works by plotting horizontal lines on the chart that represent areas where price has historically struggled to move beyond (resistance) or struggled to fall below (support). Traders can use these levels to make informed decisions about entry and exit points for their trades. To use the Support and Resistance indicator, simply add it to your MT4 platform and adjust the settings to customize the appearance of the lines. Then, look for areas where price has bounced off of these levels in the past to help guide your trading decisions.
MT4
Support And Resistance SKA
Support and Resistance is a popular and useful forex indicator for MT4. It helps traders identify key levels where the price is likely to reverse or consolidate. By plotting these levels on a chart, traders can make more informed decisions about entering or exiting trades. This free indicator is essential for any forex trader looking to improve their analysis and increase profitability.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
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