Everest Forex Technologies | Everest Multi Time-Frame MT4 Support & Resistance Indicator
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Everest MT4 Support & Resistance Indicator
Our dynamic Multi Time-Frame MT4 Support & Resistance Indicator is capable of helping you identify the best levels to trade off

MT4 Support & Resistance Indicator

Support and Resistance can be a very profitable trading strategy if you do it correctly.
As professional analysts ourselves, we realised that most MT4 support and resistance indicators in the market are confusing and messy – drawing a whole bunch of lines at every swing high and swing low, making it difficult for traders to identify the right levels. The reason for this is more often than not, support and resistance comes in the form of ‘zones‘ and ‘areas‘ instead of specific ‘lines’ which most indicators make the mistake of.
Using our in-depth understanding of technical analysis in determining support and resistance levels, we fine-tuned our thoughts and created an indicator that accurately identifies support and resistance trading zones.
Key Features of the MT4 Support & Resistance Indicator:
Swing Sensitivity
This is how many bars you would need on the left/right of a high/low to create a swing high/low. This means that for example, if you have 20 as this value, then the swing high would require 20 bars to the left and to the right of it to be lower than it to create the swing high point.

The higher this value, the stronger the swing highs/lows you identify.

Initial Pips
The indicator takes swing highs/lows and plots a line, then detects whether it coincides with other swing highs/lows. The InitialPips value is the ‘buffer’ it uses to detect whether another swing high/low is near it. A value of 5 would mean it scans 5 pips above and below the first swing high/low for any other swing high/low to reach it. The key idea here is to find areas where multiple swing high/lows coincide.
Recommended settings :

1 min chart : 1

5 min chart : 3

15 min chart : 5

30 min chart : 7

1 hr chart : 10

4 hr chart : 30

Further Pips
Once the second swing high/low is reached, the indicator will use this new resistance/support area and do a modified scan based on FurtherPips. This works the same way as InitialPips.
Recommended settings :

1 min chart : 1

5 min chart : 3

15 min chart : 9

30 min chart : 15

1 hr chart : 25

4 hr chart : 50

Broken Count
This value scans how many times the particular support/resistance identified has been broken. The more times a support/resistance level is broken, the weaker it is. A value of 0 means that the level can be broken only once. If it is broken a second time, it disappears.
Broken Bars
This is the number of bars that must be closed below the support/resistance level for it to be considered truly broken (links with BrokenCount above). The reason for this is sometimes price tests these support/resistance levels and bounces back (like a doji). This actually means the support/resistance level is stronger and such a filter allows us to prevent such price action from tricking us. I prefer to keep this at about 3 across all time frames.
Toggle Strength
This toggles the thin lines with only one swing high/low and the thicker lines with at least 2 swing high/lows connected. This helps you pick out which are immediately the stronger levels to watch out for.
Our Support & Resistance Indicator can help brokers, banks and institutes boost client satisfaction & retention.
EFG creates bespoke solutions for brokers, banks, schools and institutes tailored to each and every requirement. If you are interested, leave us your contact details & we will contact you shortly to arrange what we can do for you.
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