User Guide – Support Resistance Indicator
This user guide is for the Metatrader support/resistance indicator.
Load Metatrader 4. Place the indicator onto the required chart and open the input settings box. Enter the free activation code into the panel. You will need to login to get a code. Enter the other settings as necessary. Each chart is different in terms of support and resistance areas so the inputs should be modified according to the chart and your needs.
Line detection is demanding of CPU time. Therefore to reduce processing time the detector will only examine the number of bars set in the “Max. history bars” setting. You can change this to a higher or lower value. On slower computers you can use approximate processing mode. This calculates lines at lower resolution but is much faster.
You can also speed up the indicator by using a smaller value for “Bars to analyze”. This is the “window size” over which the indicator examines for resistance and support areas. A bigger value is needed to detect bigger structures like lines, channels and ranges that span wide sections of the chart. Whereas a small value will be better at detecting smaller structures.
Meaning of the colors
The lines displayed on the chart are colored for easy reference. You can change the colors from the settings box.
- A basic support/resistance line (orange)
- A previous support/resistance that may soon become active (purple)
- An alerted line is a line that is nearest to the current price (orange)
- Ellipses mark zones of confluence or meeting S/R lines (purple)
|Bars to analyze support-resistance||Number of bars for scanning support-resistance. More bars=slower.|
|Minimum strength for support-resistance line (0-1)||Threshold for accepting a line as a support or resistance|
|Matching sensitivity||Zero is the strictest, increase to relax the condition|
|Support-resistance line color||Color setting|
|Color for alerted line (licensed version)||Color setting|
|Front projection line color||Color setting|
|Text color||Color setting|
|Color for confluence zones||Color setting|
|Alert type||The indicator will create text,email or popup alerts if set (licensed version)|
|How close should price be before alerting (points)||The threshold distance before raising an alert (licensed version)|
|Max. history bars (zero for all)||Number of chart bars to process (zero for the complete chart)|
|Processing mode||Normal=1 Approximate=5 (use on slower computers)|
On loading the indicator, if no lines or too few lines are displayed, do the following:
- Set the “Bars to analyze” lower
- Set the “minimum strength” to zero
- Increase the matching sensitivity to 0.4 (or higher)
Adjust the settings to find the right balance. Support and resistance areas are often long lasting so the settings can be saved for future use.
The indicator will output the distance to the nearest resistance/support line. The number output is in chart points. A positive value means the price is above the line. A negative value means the price is below the line. From this you can determine if the line is currently a support or a resistance.
It also outputs the strength of the nearest line. The support/resistance strength ranges from zero to one where one is the strongest and zero the weakest.
Open Metatrader’s data window (CTRL+D) to show the signal values. You can hover with the mouse cursor over any point to display the value in the data window.
The table below lists the output signals.
|Signal/Mode||Name||Description||Free version||License Version|
|0||S/R distance||Distance of mid price to nearest support or resistance line (points)|
|1||S/R strength||Strength of the nearest support/resistance (0=weakest, 1=strongest)|
|2||Confluence point||The center point of confluence zone (chart price)|
|3||Confluence type||1=bullish/bullish, 2=bearish/bearish, 3=bullish/bearish|
Return to the support/resistance indicator page.