Support and Resistance Zone Indicator

Description

The Support and Resistance Zone Indicator is a simple MT4 indicator of the support and resistance level. Indicator draws seven levels from 0 to 6 on the chart. Level 6 and 5 represents the resistance zone, while 0 and 1 mark the support zone.  Levels 2, 3, and 4 are neutral levels. It mentions the price can go above or below these levels.

Support and Resistance Zone Indicator BUY/SELL signals

The above EUR/USD H4 chart shows the BUY and SELL signals for the indicator. To determine the BUY and SELL signals, traders need to look at different types of levels indicator draws. Whenever the price goes near the 0-level, it presents a BUY signal. Here traders need to enter long and exit their short positions.

On the other hand, if the price goes above or near the 6-level, it mentions a SELL signal, and traders should enter short positions. As mentioned earlier, the 2, 3, and 4 levels mark the neutral level. If the price goes near them, traders should wait for the price to go near the 0, 1, or 5, 6 levels and then enter the trade.

Conclusion

The Support and Resistance Zone Indicator for MT4 is a simple indicator of support and resistance levels. By mentioning seven key levels, traders can know the exact entry and exit points. In addition, you can download the indicator for free from our website.