Swing highs and swing lows can be considered as support and resistance levels considering that the price has reversed from these levels. This indicator is based on the concept of using swing highs and swing lows to identify support and resistance levels for the MT4 indicator. Read on for the support resistance indicator MT4 here.
What is the MTF Support and Resistance Indicator?
MTF stands for “Multi Time Frame”. As the name suggests, the MTF Support and Resistance Indicator is a specialized technical indicator that automatically identifies and shows support and resistance levels based on multiple time frames.
Each type of character or symbol represents the time frame on which the horizontal support and resistance levels are based. The color of the line also indicates whether the level is a support or resistance level. The red line shows the support level, while the blue line shows the resistance level. Also, check out Complete News about trading at Traders Union.
How MFT Works For Support and Resistance Indicators
The MTF Support and Resistance indicator use a simple algorithm that detects price action swing lows based on different time frames. The time frame is based on the number of minutes the trader will spend on the indicator’s input variables. It also allows up to four-time frames to be used simultaneously to detect support and resistance levels.
Then use the swing low as the basis for the support level. On the other hand, it also uses swing highs as a basis for plotting resistance levels. The indicator then plots a series of symbols to form a horizontal line based on identifying support and resistance levels.
How To Be Able To Use The MTF Support And Resistance Indicator For MT4
This indicator allows the user to change the time frame used, as well as the number of time frames used simultaneously to identify support and resistance levels. This modification can be done in the indicator settings.
“Period 1”, “Period 2”, “Period 3”, and the variables “Period 4” are used to modify the time frame used to identify support and resistance levels. Input variables in minutes. Thus, the user only needs to enter the number of minutes for the period used.
This means that if you want to use it for a higher timeframe, then you just need to multiply the number of hours on the timeframe by 60. These support and resistance levels can be used as the usual support and resistance levels used. Traders can trade trend reversal signals formed at these levels. Note that a broken resistance level can act as support and vice versa.
Introduction of Open Position Indicator
Profits and losses are important information that traders should always pay attention to at any given time. Traders who are constantly aware of their trading positions and their gains or losses usually manage their trades well. The Open Position Indicator is a tool that can help traders stay aware of their trading positions.
What is the Open Position Indicator? The Open Position indicator is an indicator that delivers traders with information regarding their open trades around the price chart. This indicator displays the currency symbol of the open position, Profit or loss in pips or points, Number of lots opened, As well as absolute profit or loss. This indicator displays this information in a separate window overlaid on another indicator window.
The chart below shows the Open Position Indicator overlaid on the Moving Average Convergence and Divergence (Macd) window.
How Does the Open Position Indicator Work?
The Open Positions indicator has an algorithm that retrieves information about the account’s open trades from the broker’s feed. It then automatically displays the gain or loss both in pips and in absolute currency along with the currency pair symbol.
How to use the Open Position Indicator for MT4
To properly use the Open Position Indicator, users need to attach a separate indicator with the indicator window on the price chart. In the above example, We are using MACD. Most types of oscillator indicators will work because these types of indicators usually have their indicator window.
Then, the Open Position Indicator should be attached to the indicator window of other indicators. This is generally done by dragging the Open Position Indicator from the MT4 Navigator window. The Open Position indicator has several options in its indicator settings that traders can use to modify its visual appearance.
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