ResistFire
Using support and resistance to trade can be a very profitable trading strategy – but only if you do it correctly. Most of the time when we look for supports levels and resistances indicators for metatrader 4 (MT4), we get an indicator that draws a whole bunch of lines at every swing high and swing low and it turns it into an absolute mess.
We’re left staring at the mess and scratching our heads in finding our how exactly to calculate important support and resistance levels. There simply isn’t a proper way to filter out which lines are stronger, which are weaker and which should be completely ignored.
1. Support and Resistance Simplified
Support = any level that is below the price.
Resistance = any level that is above the price.
If you see price failing to break below this horizontal support line multiple times, it is a strong level to pay attention to it.
2. What makes the ResistFire Support & Resistance Indicator different?
2.1 Swing highs / Swing Lows These are levels where the price just reacts and bounces off multiple times. The more times the price reacts off these levels, the stronger they are.
2.2 Pullback Resistance / Pullback Support Pullbacks occur when a swing high/low has been broken – then the price makes a “pullback” to the level. In the picture below, you can see that once our swing high resistance is broken, it turns into an “overlap support”.
2.3 Overlap Resistance / Overlap Support An overlap support/resistance can only occur when the price has broken a swing high/low and made a pullback to the pullback support/resistance. only after the price has bounced off our pullback support/resistance, then it turns into an overlap support/resistance.
3. Indicator Setting :
- DISPLAY H1 R-S : This parameter will be used to hide-display H1 supports and resistances.
- DISPALY H4 R-S : This parameter will be used to hide-display H4 supports and resistances.
- DISPALY D1 R-S : This parameter will be used to hide-display D1 supports and resistances.
- Swing Count Bars : Adjustable number input to calculate the swing high and swing low.
- Bars Break : This is where you can select a maximum number of times a bar can be broken before it loses its status. (1)
- OFFSET LABEL : Adjustable number input to set label position.
- FONT SIZE LABEL : Adjustable number input to set label size
- RESISTANCE H1 COLOR : This parameter will be used to set H1 Resistance color.
- SUPPORT H1 COLOR : This parameter will be used to set H1 Support color.
- RESISTANCE H4 COLOR : This parameter will be used to set H4 Resistance color.
- SUPPORT H4 COLOR : This parameter will be used to set H4 Support color.
- RESISTANCE D1 COLOR : This parameter will be used to set H4 Resistance color.
- SUPPORT D1 COLOR : This parameter will be used to set H4 Support color.
- alerts Message : This parameter will be used to enable-disable pop-alert when there is a support break or resistance break.
- alerts Sound : This parameter will be used to enable-disable sound alert when there is a support break or resistance break.
- alerts Email : This parameter will be used to enable-disable email alert when there is a support break or resistance break.
- alert Push Notification : This parameter will be used to enable-disable push notification ( phone notification ) alert when there is a support break or resistance break.
- support alert : This parameter will be used to set the message of support break.
- resistance alert : This parameter will be used to set the message of resistance break.
(1) For a swing high, it will scan x number of bars/candles to the left and high before a resistance level is formed. For example, if you have selected 35, then there cannot be a higher price on the chart 35 bars to the left or to the right.
(1) For a swing low, it will scan x number of bars/candles to the left and low before a support level is formed. For example, if you have selected 35, then there cannot be a lower price on the chart 35 bars to the left or to the right.
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