MTF Resistance Support Indicator is a simple support/resistance tool that also defines possible swing levels of the market. It helps traders to activate buy entries from the market low and sell from the high. Its support/resistance levels assist its users in assessing the stop levels against each market entry.
MTF Resistance Support Indicator can be applied to trade all kinds of forex currency pairs. Furthermore, this indicator suits with all sorts of timeframe charts within the Metatrader4 platform. Although it is a stand-alone indicator, traders can add other trend-following indicators with it for better confirmations.
MTF Resistance Support Indicator Overview
Once you’re done with the installation of the Indicator at your MT4 system, your trading chart will appear like the following image:
MTF Resistance Support Indicator Explained
This Indicator applies simple lines using a series of dots around the price bars at the main chart window. It turns blue and appears below the price bar is considered as the current support or possible swing low of the market. In such a situation, traders should be looking to buy opportunities. Oppositely, it appears as red above the price bar means the market is at its possible swing high or being rejected from the resistance level and indicates possible time for the sell entries.
Also Read: CAP Channel Indicator
MTF Resistance Support Indicator: Trading Rules
- Price supported by blue MTF Resistance Support Indicator level
- A bullish bar forms right above the support level
- Buy triggers when the high of the respective bar is broken by the following price candles
- Set stop loss below the current support level
- Exit long/take profit whenever a red MTF Resistance Support level is formed above the price bar
- Price resisted going up by the red the Indicator level
- A bearish bar forms right below the resistance level
- Sell triggers when the low of the respective bar is broken by the following price candles
- Set stop loss above the current resistance level
- Exit short/take profit whenever a blue MTF Resistance Support level is formed below the price bar