Introduction to MTF Support and Resistance Indicator
If the price has already reversed from these levels, swing highs or swing lows could be used as support and/or resistance levels.
This indicator uses swing highs/swing lows to identify support and resistance levels.
What's the MTF Support and Resistance Indiator?
MTF stands to mean "Multi Time Frame". The MTF Support and Resistance indicator, as the name implies, is a customized technical indicator that automatically detects and indicates support levels and resistance levels based upon multiple timeframes.
This indicator plots a sequence of characters that form horizontal lines to indicate support and resistance levels. Each symbol or character represents a time period in which horizontal support and resistance levels are based.
The level's support or resistance level can also be determined by the color of the lines. The red lines signify a support level while the blue lines indicate resistance.
How does the MTF Resistance Indicator and Support Work
The MTF Support and Resistance Indicator employs a simple algorithm to detect swing lows and swing tops of price action over different timeframes. The timeframes are determined by how long the trader spends on the indicator's input variables. You can also use up to four timeframes simultaneously to detect resistance and support levels.
The swing lows are then used as a base for the support levels. It also uses the swing lows to plot the resistance levels.
The indicator plots the sequence of symbols to create a horizontal line that is based on the identified support and resistance levels.
How to Use the MTF Support Indicator and Resistance Indicator For MT4
The indicator lets users change the timeframes and the number of timeframes that are used simultaneously to identify support or resistance levels. These changes can be made within the indicator's settings.
To modify the timeframes used for identifying support and resistance levels, the "Period 1", 'Period 2", 'Period 3", and 'Period 4" variables can be used. The input variable is measured in minutes. Users simply need to enter the number of minutes that will be used. If you want to use it for longer timeframes, you will simply need to multiply the hours by 60.
You can toggle between the "Display Period 1", 2", 3 and 4 options to display "Period 1" and "Period 4".
These support and resistance levels can also be used in place of the normal support and resistance levels. These levels are ideal for traders to trade trend reversal signals.
It is possible for broken resistance levels to act as support, and vice versa.
How to Enter?
If a bullish signal is detected at a support level, you can open a buy order.
When do you want to exit?
The next major resistance level is the place to set the profit target.
Setup for Trades
How to Enter?
If a bearish signal appears at a resistance level, you can open a sell order.
When do you want to exit?
The next major support level should have a take profit target.
This indicator is useful for strategies that use horizontal resistance and support levels, such market flow strategies. It is better to use the major support or resistance levels, as they are more reliable. For greater reliability, it is a good idea to use this indicator with other technical indicators.
Indicators - Download Instructions
MTF Support and Resist Indicator for MT4 (Metatrader 4 or MT4) is a Metatrader indicator. Its purpose is to transform the accumulated historical data.
MTF Support and Resistance indicator for MT4 allow you to spot patterns and peculiarities in price dynamics that are not visible to the naked eye.
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How do I install MTF Support for MT4.mq4 and Resistance Indicator?
Download the MTF Support and Resistance indicator for MT4.mq4
Copy the MTF Support and Resistance indicator for MT4.mq4 into your Metatrader Directory/experts/indicators /
Metatrader 4 Client can be restarted or started
Choose Chart and Timeframe to test your MT4 indicator
You can search "Custom Indicators" using your Navigator, mostly left in your Metatrader4 Client
Right click on MTF Resistance Indicator and Support Indicator to access MT4.mq4
Attach a chart
Change settings or click ok
Your Chart contains the Indicator MTF Resistance and Support Indicator for MT4.mq4
How do I remove the MTF Support and Resistance indicator for MT4.mq4 in my Metatrader Chart?
Select the Chart in which the Indicator is running in your Metatrader4 Client
Right-click to open the Chart
Select the indicator and click delete
Resistance Indicator and Support for MT4 (Free download)