This is a Multi-currency multi-timeframe Support/Resistance Scanner Dashboard for Metatrader 4 (MT4) platform.
- Scan Support/Resistance zones (also called Supply/Demand zones)
- Alert when price is inside these zones and highlights the pair/timeframe
- Show/hide SR zones price nearest to current price (Price_Close)
- Show or hide current price (Price_Close) distance in points from SR zones
- Alert filtering using MA Fast and Slow
This is not a full Trading System. It is best used with your existing strategies as a validating indicator. Because it signifies best reversal and breakout zones.
It uses this indicator to derive the SR Values:
Get free Demo:
Demo version only allows 3 pairs. But contains all functionality of the actual dashboard.
So you can try it before buying 🙂
Dashboard refreshes every new bar. and also every “Refresh After Ticks” number of ticks.
Types of zones:
Try and use only the Verified SR. Because those will be most reliable. Other Support/Resistance lines which are Untested or Weak or Possible, might disappear when broken.
Also sometimes, if multiple zones get too close together, then they will merge.
- Verified SR: Support/Resistance where price has hit and bounced back two or more times and is therefore verified. This type also has a hit test count shown in the dash.
- Untested SR: Support/Resistance where price has hit and bounced back only once.
- Turncoat SR: A support which was broken and is now a likely resistance is a Turncoat Resistance. A resistance which was broken and is now a likely support is a Turncoat Support.
- Weak SR: Was a support/resistance a while back. But not a very strong one right now.
- Possible SR: Might become a possible Support/Resistance. But not to be trusted until it is tested.
Zone Merge: If you need nearby Support/Resistance zones to merge into a single zone.
Zone Extend: Most of the time, supply/demand areas aren’t very fixed and distinct.
Zone extend uses ATR to add a bit more space based on current price action. So, if volatility is high, the zone’s extend a bit to allow more probable fuzziness.
Original Zone (Un-merged, Un-extended)
Merged Zone (but Un-extended)
Merged and Extended Zone
MA Filtering Alerts:
Use Fast MA and Slow MA to find the current trend. And filter Alerts based on Trend.
If Fast MA is above Slow MA, means its an Up trend. So only show Alerts when price is in Support zone.
If Fast MA is below Slow MA, means its a Down Trend. So only show Alerts when price is in Resistance zone.
Please note that MA Filtering will only filter out the Alerts. But you will still see zones highlighted when price is inside them.
See Scanner common settings:
Refresh After Ticks: This shows how often the Dash refreshes. It will wait for these number of ticks. When using too many pairs, don’t keep this number too low like 10, as dash might hang.
Show Points: Show or Hide the Price distance from Support/Resistance in points
Show Price: Show/Hide the Support/Resistance price. For support it will show the upper level of zone. Because we are interested when price crosses this level and enters into support.
For resistance it will show the lower level of zone:
R: None means resistance is not yet formed.
S: None means support is not yet formed.
How to Use:
This dashboard is just to show SR Zones and possible reversal areas for price.
Use it as a validating indicators in your strategies. Be careful as this is not to be used as a standalone indicator.
If you see multiple timeframes enter support/resistance, then likelihood of reversal becomes very strong.
v1.0 Base Version
v1.1 Added MA Filtering for Alerts
Added zone extend and zone merge as options