Related Source: Fractal Support & Resistance Levels MT4 Indicator
No matter which strategy you are using, channels are must check indicator. Most channel based indicators shows the very similar results. This support and resistance indicator is based on fractial indicator and works just fine for me.
The name of indicators: Fractal Support & Resistance Levels, it’s very simple to use MT4 indicator.
This simple indicator calculate support and resistance levels (channels) based on MN1, W1, D1, H4 and H1 fractals.
How to trade with Fractal Support & Resistance Levels
Basicaly there is two ways to trade channels:
1. You trade channels as support and resistance
2. or you can trade breakouts on support and resistance levels
Update: To include arrows from image above you need to add/applay Fractal indicator (this indicator is in metatrader list by default) from your MT4 platform!
MT4 Indicator – Download Instructions
Fractal Support & Resistance Levels – In order to transform accumulated history data, you need a MetaTrader 4 indicator. Fractal Support & Resistance Levels – It is a MetaTrader 4 indicator that allows you to detect several changes and dynamics in price that many traders can’t estimate or see without an indicator, which highlights its essence and usage.Accordingly, traders can draw conclusions and make estimates about how the prices will change based on the information they have and then they can modify their strategy for better trading.
How to install Fractal Support & Resistance Levels indicator for MetaTrader 4.mq4?
Fractal Support & Resistance Levels indicator for MetaTrader 4.mq4
Copy Indicator for MetaTrader 4.mq4 to your Metatrader 4 Directory / experts / indicators /
Start or restart your MetaTrader 4 Client
Select Chart and Timeframe where you want to test your mt4 indicator
Search “Custom Indicators” in your Navigator mostly left in your MetaTrader 4 Client
Right click on Fractal Support & Resistance LevelsIndicator for MetaTrader 4.mq4
Attach to a chart
Modify settings or press ok
Fractal Support & Resistance Levels Indicator for MetaTrader 4.mq4 is available on your Chart
How to remove Fractal Support & Resistance Levels Indicator.mq4 from your Metatrader 4 Chart?
Select the Chart where is the Indicator running in your Metatrader 4 Client
Right click into the Chart
Select the Indicator and delete
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