Supports And Resistances Lines MTF MT4

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Apr 15, 2024
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Introduction​

Supports And Resistances Lines MTF MT4 is a trading robot designed to identify support and resistance levels across multiple time frames. With a user rating of 4.89 and positive feedback, it's undoubtedly popular among traders. Here's a detailed guide to installing, configuring, and optimizing this robot for maximum effectiveness.

Installation and Configuration​

First things first, downloading and installing the Supports And Resistances Lines MTF MT4 robot is straightforward. Follow these steps:

  • Download the robot from Forex Robot Easy.
  • Save the file in the `Experts` folder of your MetaTrader 4 directory.
  • Restart MetaTrader 4.
  • Navigate to the `Navigator` panel and find the robot under `Experts Advisors`.
  • Double-click to load it onto a chart.

Configuration:
Once installed, you'll need to configure the robot to suit your trading style.

  • Time Frames: Select multiple time frames for a comprehensive view of support and resistance levels.
  • Line Thickness: Customize the thickness of the lines. Note: some users, like Jeffrey Levels, have reported issues with line thickness resetting to 1. If you encounter this, try reloading the robot.
  • Alerts: Enable or disable alerts for when price approaches support or resistance levels.

Usage Experience​

In my experience, the Supports And Resistances Lines MTF MT4 robot does what it claims. It marks support and resistance levels effectively across different time frames, helping to pinpoint entry and exit points. However, remember that no robot is foolproof. Always double-check trading signals and use proper risk management.

Tips for Improvement​

While the robot is functional, there is always room for improvement:

  • Manual Verification: Always verify the support and resistance levels manually.
  • Combine with Other Indicators: Use this robot alongside other indicators like Moving Averages or RSI for more reliable signals.
  • Regular Updates: Keep an eye out for updates that may fix existing issues (like the line thickness problem mentioned by Jeffrey Levels).
  • Backtesting: Run extensive backtests to understand the robot's behavior under different market conditions.

Source Code of Supports And Resistances Lines MTF MT4​

We don't have access to the original source code of Supports And Resistances Lines MTF MT4 sold on MQL5. However, based on its description, we can create a similar code. Feel free to ask questions about this example code. Note that this is an example from easytradingforum.com, inspired by the original robot.

Disclaimer: The EASY Trading Team does not sell the Supports And Resistances Lines MTF MT4 robot. All provided code is based on its description and serves as an educational example.

Code: 
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Download Supports And Resistances Lines MTF MT4 Trading Robot​

If you're interested in using Supports And Resistances Lines MTF MT4, you can download it via the provided link. While it's a solid robot, always test thoroughly and combine it with your strategies for the best results.
 
I'm curious about the specifics you utilized for the chart in your overview. Understanding the parameters behind such visual representations could offer valuable insights into the market dynamics.
 
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