SFT Fractal Support and Resistance. FREE Forex indicator for MT4
The support and resistance levels are among the main components of the entire technical analysis.
They are used both by professional traders and by beginners.
Prices usually move within the price channels. The upper boundary of such a channel is called resistance, and the lower one is support.
This indicator plots fractal support and resistance lines at the highest and lowest local price values (fractals).
Distinctive features
- Does not redraw.
- Clear and understandable signals.
- It is possible to send signals via Email, Push notifications or on-screen alerts.
- Audio confirmation of a signal separately for support levels and resistance levels.
- Works on all timeframes and symbols.
- Suitable for manual trading and development of Expert Advisors.
For more accurate entries and additional confirmation of signals, it can be used in conjunction with other indicators.
Indicator parameters
- BarCount – the number of candles (bars) for the indicator to calculate its values.
- UseAlerts – enable/disable alerts (signals) about the appearance of new levels. True – signals are enabled. False - signals are disabled
- SoundAlerts - use audio confirmation of signals.
- EmailAlert – send Email notifications, configuration instructions are available here.
- SendPushAlert – send Push notifications about signals, configuration instructions are available here.
- SoundResistance - sound played when a new resistance level appears.
- SoundSupport - sound played when a new support level appears.
In places of accumulation of levels, the support / resistance areas are stronger
At new and single levels, the support / resistance areas are weaker
Trading can be performed using two methods:
1. Within a channel, trade the price rebound from the channel boundaries between the support and resistance lines during a calm movement in a flat market.- In this case, trade movements from the support and resistance levels inside the channel
- Place pending Sell Limit orders at resistance and Buy Limit at support levels
- Place TP in the middle of the channel, SL = 1..2 TP
- In this case, trade the channel breakout at the support and resistance lines
- Place pending Buy Stop orders at resistance and Sell Stop at support levels
- TP is equal to a half of the channel, SL = 1..2 TP
Other trading options are also possible, you can develop the most convenient tactics for you in the process of trading.
We wish you a stable and profitable trading. Thank you for using our software!
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