DowntownForex

S&R Indicator Review

The S&R indicator has been around awhile in varying derivations and offshoots within the forex community.  The indicator essentially plots a series of horizontal support and resistance bands on the MT4 platform.  The support and resistance bands can be figured per timeframe, lookback period, frequency, and can be configured to refresh at specified intervals.  It’s possible to attach multiple instances of the indicator to the same chart in order to have several S/R bands with different settings on the same chart.

Let’s take a look at the indicator and evaluate its usefulness.  Simply dropping it on a chart will provide you with a mess of lines across your MT4 platform:

After finagling with the settings and parameters within the indicator you can get it to produce some pretty neat and useful stuff.  Depending on the information you’re looking to gather from the support and resistance lines you should adjust the multitude of parameters.  After I fooled around with some, I produced a halfway decent trading setup chart:

Unfortunately, this indicator has proven to re-paint on numerous occasions during my tests of the indicator’s utility.  Support and Resistance levels do change, naturally.  Another useful feature of this indicator is its ability to export S/R levels to an external document.  Useful if you wish to further analyze the data in an excel spreadsheet or to create and EA.  An S&R Expert Advisor has long been talked about and attempted, however in my limited experience I have yet to come across a good performing S&R expert advisor.

Download S&R Indicator

You may also have noticed from the screenshots I’m using a relatively unknown and new broker, ILQ or Institutional Liquidity.  It’s nearly impossible to open a demo or live account without using an introducing broker.  Using Back Bay FX (BBFX) I was able to get my hands on one of a few demo ILQ demo accounts. Check them out if you’re interested in getting a demo account with ILQ as well.

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