This Support / Resistance indicator for MT4 brings , besides displaying the SR price level for any timeframe chosen by the trade, also the possible future SR lines. Further more, all this is done dynamically and automatically, so when the price reaches and closes a certain support or resistance line, this line is erased as not being valid anymore, and the possible SR line becomes the current level.
Blue solid lines are the support, red solid the resistance and the dotted lines are the possible support and resistance lines. The parameter of the LB indicator is controlled by the number of levels taken into account for penetration. When a certain number of points passes, the level lines on the indicated TF are pulled up.
Within the indicator settings, the trader has the option to enable which timeframes the SR lines and the future SR lines are to be displayed.
Astrid Cummings (verified owner) –
I recommend this indicator to anyone who wants to enhance their trading skills and results. The 3 Lines Support Resistance MT4 Indicator is a reliable and useful way to analyze the market and make smart decisions.