The Support Resistance Breakout Arrows Indicator For MT4 is essential for intraday forex traders using a breakout strategy. The indicator combines Fractal, CCI, and RSI to provide forex traders with the best BUY and SELL arrow signals. Furthermore, the indicator automatically draws major Sup&Res levels, and traders can use these support and resistance lines to add more positions during a strong trend. This Metatrader 4 indicator does not repaint the signal arrow or the support and resistance lines.
Support Resistance Breakout Arrows Indicator Trading Signals
The above GBPJPY H4 chart shows the Support Resistance Breakout Arrows Indicator for Metatrader 4, showing the Sup&Res levels and the trading signal arrows. The indicator shows the BUY signals in BLUE and SELLS signals in Magenta color arrows. Furthermore, the support levels are in BLUE, and the resistance levels are in RED.
Forex traders can BUY the BLUE color signal arrow. However, there may be more than one BUY signal during a trend. Traders can BUY at each signal and exit all the positions at the opposite signal. On the other hand, SELL traders can take positions once the Majenta color arrows appear.
The indicator is not based on pivot levels. Still, it indicates the best Sup&Res lines and zones based on Fractals, CCI, and RSI. Traders can use the indicator settings to filter the signals using the CCI levels and RSI overbought and oversold levels.
The significant advantage to new forex traders is the automatic identification of the strong Sup&Res levels. Furthermore, The indicator works in all time frames and is suitable for intraday traders. However, long-term traders can trade using the H4, Daily, and Weekly chart timeframes. Another vital feature is its non-repaint nature. Advanced forex traders can use the support and resistance line to add more positions in the trend direction. And accommodate the signals in complex trading strategies using multi-time frames (mtf).
The Support Resistance Breakout Arrows Indicator for MT4 is an essential tool for auto Sup&Res level identification. Additionally, filtering signals using the CCI and RSI helps the trader stay in the trend direction. However, combining the trading signals and Sup&Res breakouts with price action will provide consistent and profitable results. Moreover, the indicator is free to download and easily installed in Metatrader 4.