4_Period_MA_w_Regr_STD

The 4 period MA W Regr Std indicator for MT4 plots support and resistance based on 4 moving averages. Furthermore, it plots a regression channel and standard deviation channel. A combination of the channels and support and resistance helps forex traders to identify the trend direction and best entry points.

The indicator is easy to understand and works well for new and advanced forex traders. In addition, it works on all intraday chart time frames and the daily, weekly and monthly price charts. It works for all types for intraday trading as well as short and long term trading.

4 Period MA W Regr Std Indicator For MT4 Trading Signals
 

The indicator plots the regression channel in blue and standard deviation channel as olive. Additionally, it plots the 5, 15, 60 and 240 minutes support and resistance in the red and green rectangles. The indicator plots the potential support and resistance values in blue within the rectangles.

The best trading strategy is to identify the trend direction based on the slope of the channel. If there is an upward channel then traders should enter the markets with a buy trade at the lower end of the channel.

A stop loss below the previous swing low is effective in this case. Moreover, the best profit target to book profit is the opposite end of the channel. A similar strategy in the downward direction with a sell position on the top of the channel provides better results.

Conclusion

In summary, the 4 period MA W Regr Std indicator for MT4 is effective to automatically identify the best support and resistance lines.