Support and Resistance MetaTrader indicator — as the name of this indicator suggests, it displays the support and resistance levels. It shows them directly on the chart, providing an easy help when you want to set stop-loss or take-profit level, or when you want to see the next market target. This indicator uses the standard MetaTrader Fractals indicator (by Bill Williams' method) and has no changeable input parameters. This indicator is available for MetaTrader version 4 and 5.
The picture says it all. Use the levels marked by the blue dots for support and the levels marked by the red dots for resistance. And don't forget that support may become next resistance if breached and vice versa.
Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.
Do you have any suggestions or questions regarding this indicator? You can always discuss Support and Resistance with the other traders and MQL programmers on the indicators forums.