If you are looking for Mt4 Support and Resistance Indicator, this one here is probably the best support and resistance indicator mt4 you are going to find. Download link is below at the last paragraph.
Let’s face it, there are forex traders that would rather have an indicator do the task of identifying support and resistance levels for them and you may be one of them that’s why you are here.
For other traders, just looking at the chart and they can identify support and resistance levels without the need for an MT4 support and resistance indicator.
If you see another support and resistance indicator you think is much better than this one, then let me know, ok?
This one’s called Support and Resistance Indicator Barry.
Here’s How MT4 Support And Resistance Indicator Barry Works
- it identifies highs and puts a line of red dots and these are resistance levels.
- it identifies lows and puts line or blue dots and these are support levels.
Here’s an example of the support and resistance indicator at work on a daily EURJPY chart:
How To Use this Mt4 Support and Resistance Indicator In Your Trading
I’m not sure if this support and resistance indicator repaints or not as this is a Sunday I’m writing this post so I cannot tell until the forex market opens on Monday.
But regardless, here’s how this support and resistance indicator can be useful in your trading:
- obviously, it identifies levels of support and resistance so you don’t have to do that.
- tells you if the trend is still intact or may change when highs/lows are broken
- those support and resistance levels can be places were you place your take profit targets
- those support and resistance levels can be places where you set you stop loss
- you can use those support and resistance levels to trail stop your trades
This chart explains some of the benefits of this MT4 Support and Resistance Indicator:
Forex Trading Strategies You Can Use This Indicator On?
Here’s a few forex strategies that I can think of that you can use this support and resistance indicator to trade with:
- trendline trading strategy
- multi timeframe trading with trendline trading strategy and 123 pattern
- 123 pattern forex trading strategy
- support and resistance forex trading strategy
- traders trick entry forex trading strategy
Support And Resistance Indicator MT4 Download Link
Can’t wait to download this support and resistance indicator? Well, here’s the download link: Support and Resistance (Barry)
Click Here: Free Forex Trading Signals
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