Support and Resistance EA

What is Support & Resistance?

Support and resistance are often referred to as the foundation of technical analysis by traders. Without a doubt, it is one of the most frequently utilized instruments in the Forex market.

Traders utilize support and resistance to pinpoint possible locations on Forex charts where a price shift is likely to occur. These are lines, best understood as regions or zones where, historically, sellers have turned into buyers and buyers have turned into sellers.

Support and Resistance Expert Advisor

Our knowledgeable mentors, who have a combined 80+ years of experience, have created an automatic trading method called the Support & Resistance Expert Advisor for MetaTrader 4.

It is intended to assist all traders who have an active membership in Forex Signals in automatically identifying levels that could act as support and resistance and plotting them as horizontal lines on the charts.

It is applicable to the 1H, 4H, 1D, and 1W time frames and may be used to trade any currency pair.

Not sure which time period to apply? You can even combine the indicator for several time periods, so no worries!

Fantastic—we are aware!

The ease of use that this EA indicator offers to their daily lives is already being appreciated by thousands of traders. Why don’t we also try to make your life easier?

How do you add the EA into your MT4 Terminal?

Are you curious to know why all the buzz? Fantastic! Installing your new favorite EA into your MetaTrader 4 terminal is as simple as following these instructions:

Click the button below to start the file download.

Extract the file into your MT4 terminal’s MQL4/indicators folder.

To make sure the indicator has been inserted correctly, restart your MT4 terminal.

Double-clicking the indicator name in the Navigator tab will launch your new indicator.

Verify that the “Allow DLL imports” box is checked, then click “OK.”

Your chart will now have the indicator added to it. How wonderful does it appear, by the way?

That’s it, too! Now you are ready to use your new favorite EA indicator!

What is Support?

The bottom of a price decline is known as support. The direction of the price may shift and prices may start to rise once it reaches the support level. Support is frequently referred to by forex traders as a “floor” that holds or supports prices.

Support levels indicate that there are currently more buyers than sellers, indicating that the market is experiencing a surplus of demand over supply. It is consistently displayed on the chart below the current market price using horizontal lines.

What is Resistance?

Resistance represents the peak of an upward price trend. The direction may change and prices may start to decline once the price reaches the resistance level. Forex traders often refer to Resistance as a ‘ceiling’ that restrains prices from moving higher.

Resistance levels indicate that there are presently more sellers than buyers, indicating that supply and demand are outpacing each other in the market. It is consistently depicted on the chart above the current market price using horizontal lines.