How to add support and resistance levels to a chart

Beginner Questions Candlesticks, Chart Patterns, and Price Action
#1

Hi Everyone,

Am using the Pepperstone MT4 platform which I am new too. Am looking for an indicator on the chart that will show me the daily resistance level and support level. My friend has it enabled on his chart (two green lines, one at the top and another ât the bottom) I asked him to show me how to add these two important indicators to my chart but he refused because he does not want me to become good at trading because he has jeaulous tendencies :frowning:

On his chart, a green up arrow sometimes appears meaning its a strong buy indicator, and sometimes a small red arrows appears also at the bottom of the chart to show its a strong sell indicator.

He says he uses scripts for that.

Anyway, if someone could tell me how to put the support and resistance levels on my chart I will be very happy.

many thans

#2

No replies, maybe this is a best kept secret among traders :confused:

47 views but no answer

#3

You’re asking an unanswerable question, I’m afraid.

There’s no such thing as a specific, objective “daily support/resistance level”, and nobody here can tell you how your friend’s marking something on his chart, because nobody knows what he’s doing, let alone what his beliefs/hopes/expectations are concerning support and resistance.

And quite apart from that, recent/previous support and resistance don’t have to be future support and resistance. I’m not mentioning this to try to be impolite in any way, but to help you to appreciate that it’s useful to have a very clearcut distinction in your mind between “previous” and “future” support and resistance and not to equate the two.

And welcome to the forum. :slight_smile:

#4

to be honest i think his friend showed him positions rather then resistance lines.

green arow up red down sounds to me like he showed you where he opened and closed his trades rather then some sort of indicator or resistance/support lines.

are those arrows looking something like this? this is a picture i found on the internet:

4rt47n.jpg.jpg700×512 49.3 KB

#5

It’s a tough question to answer, as you’ll likely get the perspective / opinion of 20 different “types” of traders. That’s what makes trading so challenging - it is the coming together of many, many differing opinions, and, being “right” or “wrong” is all a matter of perspective.

#6

Many thanks for your answer. I understand what you mean. I guess my friend is just drawing lines on his chart with resistant / support levels that he believes in. I came across this article:

#7

Hi, Yes the arrows look similar to that on the picture. But they appear lower. My froend is using some mql5 code / scripts that he probably ordered from Freelance Jobs on MQL5.com - Developer's Favorite Place - MQL5 Articles

His code activates and shows him a buy or sell signal when two lines converge , am not sure what the lines / indicators are.

Many thanks for your answer

#8

I understand what you mean, Many thanks for your reply :slight_smile:

#9

Hi,

You can add a pivot point indicator (resistance/support lines) on mt5 platform. Look here.

#10

Because something works for someone else, doesn’t mean it will work for you.
You need to carve out your own path and figure out what style of trading fits your: personality, mentality, risk aversion, capital restraints, time restraints, etc.