Best Support and Resistance Indicator for MT4

Support and Resistance MT4

What’s the best support and resistance indicator for Metatrader 4 (MT4)?  If you’re like me, and you scan several pairs in the Forex market for trade setups,  then you have probably found it to be quite tedious at times to manually plot out your support and resistance lines.

Manually plotting out your support and resistance lines (or zones) is usually the best way to go, assuming you know how to properly plot them.  However, many good indicators have been developed that can handle this task pretty well.

The importance of incorporating support and resistance into your trading cannot be overstated, as the market usually has, at least, a brief interaction with any important support or resistance level.

Note: Price will sometimes race right through support or resistance levels like they don’t exist, especially in the Forex market.


To learn why this happens and more support and resistance tips, download my free eBook, How to Choose Better Support and Resistance Levels.

Horizontal support and resistance levels are not the only levels that you should be concerned with either; often, moving averages (e.g. , the 50, 100, and 200 SMA) will provide dynamic support and resistance, although these levels are far less dependable.  In addition, trend lines often act as support or resistance.

You don’t need to download anything (other than MT4) to plot out dynamic support and resistance or trend lines, as the default trading platform is equipped with moving average indicators that you can just drag onto your charts, as well as trend line drawing tools.  For the purpose of this article, we will focus on horizontal support and resistance indicators.

Best Support and Resistance Indicator for MT4

I personally plot all of my horizontal support and resistance levels manually, and I honestly believe that is the way to go.  However, if you use pivot points, there are a few good, free indicators that can automatically plot these points for you in MT4.  The best one that I’ve seen is vS_PivotsD (pictured below).

Best Support and Resistance Indicator

Click for larger image (opens in a new window)

Note: I’ve also added the newer version of the indicator, vS_PivotsD_v4. I like the original version of the indicator more, but I’m adding the newer version here now in case some of you prefer that one.

This handy indicator automatically plots your pivot point, based on the Daily chart or Fibonacci levels.  It plots the previous day’s high and low, S1-S3, R1-R3, and all of the mid-range support and resistance levels. It can even plot inner and outer Fibonacci levels for you.

One of the reasons I believe this is the best support and resistance indicator for MT4 is the fact that there are a ton of options to customize this indicator to your preferences.  There are 80+ fields that can be edited under the “Inputs” tab alone.

Support and Resistance Indicator for MT4

Don’t let the abundance of options scare you away from this indicator, though.  It’s actually very simple to implement, while still providing options to change colors, display positions, custom session times, etc…. I only had to change a few settings to get the display in the chart above.

After installing, you’ll probably want to bring up your period separators (Ctrl+Y), and make sure the indicator’s new day is aligned correctly.  If it needs to be adjusted, simply edit the “LocalTimeZone” or “DestTimeZone” variables.  The default settings were correct on my charts.

Installation Instructions:

  1. Download and extract the custom vS_PivotsD or vS_PivotsD_v4 indicator.
  2. Place it in your “Indicators” folder (File > Open Data Folder > MQL4Indicators).
  3. Restart MT4.
  4. Open your “Navigator” window, if it’s not already open (Ctrl+N).
  5. Drag the vS_PivotsD or vS_PivotsD_v4 indicator onto your chart.
  6. Adjust the settings and colors, if needed, and hit the “OK” button.

You may have to play around with the settings for a bit to get the appearance you’re looking for.  Although there are many options, the lesser-used features are set to “false” by default.  I recommend setting the “ShowPanel” and “ShowDayCandle” variables to “false” for a cleaner chart.

In my experience, this is the best support and resistance indicator for MT4.  I haven’t been able to find any good swing point support and resistance indicators.  There are a few options available, but they aren’t very good.  I have two ideas that I believe would make excellent support and resistance indicators, but I need a talented MQL4 programmer to code them for me.  Leave a comment if you think you’re up to the task.

Still looking for a profitable trading system? I've tested 10+ systems. Only 3 were profitable! Learn more about my #1 recommended trading system, Day Trading Forex Live.


  1. mukr October 21, 2013
    • Chris October 22, 2013
  2. Skye Cerrelli April 21, 2014
    • Chris June 5, 2014
  3. sridhar March 14, 2015
    • Chris March 15, 2015
  4. Forex June 26, 2015
  5. Mark Paul July 16, 2015
    • Chris July 18, 2015
  6. Mido October 16, 2015
    • Chris October 16, 2015
    • Precious February 24, 2017
  7. THOMAS November 4, 2015
    • Mido December 12, 2015
      • Chris December 13, 2015
        • Rob January 11, 2017
          • Chris January 11, 2017
  8. Mahesh February 2, 2016
  9. Martin April 27, 2016
  10. Martin April 27, 2016
  11. ahmed mokhtar May 28, 2016
    • Chris May 30, 2016
  12. Phil September 17, 2016
    • Chris September 17, 2016
      • Bojan September 24, 2016
        • Chris September 25, 2016
          • Kate October 26, 2016
            • Chris October 26, 2016
  13. 39cent October 11, 2016
    • Chris October 12, 2016
      • 39cent October 12, 2016
  14. Freya November 29, 2016
    • Chris November 29, 2016
  15. Alex December 2, 2016
    • Chris December 2, 2016
  16. Sylvester January 28, 2017
    • Chris January 28, 2017
  17. Precious February 16, 2017
    • Chris February 16, 2017
      • Precious February 21, 2017
        • Chris February 21, 2017
          • Precious February 22, 2017
            • Chris February 22, 2017
  18. ken abbey March 14, 2017
    • Chris March 14, 2017
  19. Lucas Caccavaro March 14, 2017
    • Chris March 14, 2017
      • Lucas Caccavaro March 15, 2017
        • Chris March 15, 2017
  20. Will March 30, 2017
    • Chris March 30, 2017
  21. John Jakobs April 3, 2017
    • Chris April 3, 2017
  22. Eric April 7, 2017
    • Chris April 7, 2017
  23. syed April 14, 2017
    • Chris April 15, 2017
  24. emeka May 17, 2017
    • Chris May 17, 2017
  25. steven May 23, 2017

Add Comment