The Fractal Support & Resistance Levels indicator draws support and resistance levels based on the last MN1, W1, D1, H4 and H1 fractals. With the help of the fractals indicator, it is able to detect the channel boundaries and breakouts very easily.
Depending on high / low support and resistance level and its extends the indicator takes different colors. You can notice orange and dark brown lines and green and dark green lines.
The indicator is simple but useful if you know how to use it properly. Always take notice on the price action when it approaches the support / resistance lines.
How to trade using the Fractal Support & Resistance Levels?
Look for BUY trade opportunities when:
- The price is approaching the support levels.
Look for SELL trade opportunities when:
- The price is approaching the resistance levels.
Check also supdem indicator
How to install this indicator on your Metatrader 4 trading platform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the Fractal Support and Resistance indicator files into following folder of your Metatrader 4 platform: MQL4 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on FractalSupportResistance.mq4 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.
In the downloadable archives you will find the following MetaTrader 4 files included:
Fractal Support & Resistance Levels Indicator free download.
To download this MT4 indicator or trading system just click the button below: