Support Resistance Breakout MT4

The Support Resistance Breakout MT4 indicator is a powerful tool designed for traders in the forex market. It utilizes support and resistance levels, volume analysis, and a special formula to determine the volume and filter the candles. This indicator provides signals when the volume reaches a specific value and the current candle breaks the support/resistance line. These signals are generated when the current candle closes, and trades can be entered when a new candle appears. It is important to follow a money management plan while using this indicator to ensure optimal results.

MT5 Version – Support/Resistance Breakout MT5

For traders who prefer the MetaTrader 5 platform, there is also a MT5 version available. The Support/Resistance Breakout MT5 indicator offers the same functionalities as its MT4 counterpart. You can find the MT5 version here.

Indicator Capabilities

The Support Resistance Breakout indicator is known for its simplicity and effectiveness. It does not repaint or lag, making it suitable for both novice and experienced traders. The indicator provides low-risk entries and does not require the use of any additional indicators. It offers various types of alerts including popup alerts, push notifications, and email alerts. It can be used with any symbols and in any time frame, and it is compatible with Expert Advisors.

Indicator Parameters

The indicator allows customization through its parameters, which include:

• Period to find Support/Resistance
• Final Signal Method (Rising, Exciting, Both)
• Draw Support and Resistance Line
• Show Fractals
• Show HigherHigh, HigherLow, LowerLow, LowerHigh
• Show Candle Types (Volume Analysis, Trend or None)
• Types of Alert

Frequently Asked Questions

Q: Can I use this indicator with other technical analysis tools?
A: Yes, the Support Resistance Breakout indicator can be used alongside other technical analysis tools to enhance your trading strategy.

Q: Is this indicator suitable for day trading?
A: Yes, the indicator can be used for day trading as it provides signals based on the current candle’s close.

Q: Can I use this indicator on multiple currency pairs?
A: Yes, the indicator is compatible with any symbols, allowing you to use it on multiple currency pairs.

Q: Where can I find independent testing results of this indicator?
A: You can find independent testing results of this indicator on the forexroboteasy.com website. They provide thorough testing and updates on the performance of various trading tools.

Share Your Experience

If you have used the Support Resistance Breakout MT4 indicator, we encourage you to share your experience. Please leave a comment below and let us know how this indicator has helped you in your trading journey.

Please note that this review is an independent assessment of the Support Resistance Breakout MT4 indicator. It is not affiliated with any specific product or brand. The purpose of this review is to provide unbiased information to traders looking for effective trading tools.