Free Forex Indicators (MT4), Trend Following Indicators

MTF Resistance Support Indicator

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 Overview

MTF Resistance Support Indicator Explained

MTF Resistance Support Indicator Anatomy

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

Buy Entry

MTF Resistance Support Buy Entry

  • 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

Sell Entry

MTF Resistance Support Sell Entry

  • 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

[button-green url=”https://www.trendfollowingsystem.com/wp-content/uploads/2019/04/MTF-Resistance-Support-Indicator.zip” target=”_self” position=”center”]Free Download MTF Resistance Support Indicator[/button-green]

Share:

I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

Leave a Comment

About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
RoboForex Welcome Bonus