KG Support & Resistance Indicator for MT4 Download - Free - [TFlab]

The KG Support & Resistance Indicator is considered one of the key level indicators in MT4.

Based on the predefined timeframes in the settings panel, this indicator draws support and resistance zones in four different colors and patterns across four timeframes on the chart.

The zones drawn by this indicator are significant as they are expected to elicit price reactions. However, these zones lose their validity after being broken and are no longer formed.

KG Support & Resistance Indicator Settings Table

The following details pertain to the features and specifications of the KG Support & Resistance indicator.

Indicator at a Glance

The "KG Support & Resistance" indicator allows users to define Support and Resistance zones based on four timeframes. By accessing the settings section, users can not only specify the timeframes but also customize the colors of the zones. Additionally, this indicator is capable of displaying zones across all timeframes simultaneously.

Uptrend Conditions

In the 15-minute Bitcoin (BTC) chart, the zones drawn by the indicator effectively act as support levels.

The price touched the 4-hour support zone (light blue) and the 1-hour support zone (green) at two points, then moved towards higher prices.

Downtrend Conditions

Based on the 30-minute chart analysis of the USD/CHF currency pair, the price reversed into a bearish trend after touching two key resistance zones: the daily resistance zone (pink) and the 4-hour resistance zone (light blue).

As seen in the image below, the zones drawn by the KG indicator have effectively acted as resistance areas.

KG Support & Resistance Indicator Settings

The following are the settings and parameters of the KG Support & Resistance Indicator:

Calculation Settings

• Calculation Price (High/Low): Determines calculations based on highs and lows of price movements.

Timeframe Settings

These parameters define which timeframes the indicator should draw support and resistance lines for:

• Timeframe 1: 15 minutes
• Timeframe 2: 1 hour
• Timeframe 3: 4 hours
• Timeframe 4: 1 day
• Display Price (High/Low): Displays prices related to the drawn levels.

Zone Color Settings

In the Color section, users can customize the color of the support and resistance levels:

• Color 1,2,3,4: Define the colors of the four support and resistance levels.

Zone Shape Settings

These parameters allow for modifying the visual representation of the support and resistance zones:

• Arrow Code 1,2,3,4: Defines the appearance of support and resistance zones 1, 2, 3, and 4.

Size Settings

In the Size section, users can set the size of the support and resistance zones:

• Size 1,2,3,4: Determines the size of zones 1, 2, 3, and 4;
• Lookback: The number of past candles was considered for calculations.

Conclusion

The KG Support & Resistance Indicator plots key support and resistance zones on the chart using user-defined inputs from the settings panel.

This trading tool allows users to customize zones' visual representation and colors.

The zones drawn by the KG Indicator serve as key price reaction areas, aiding traders in making entry and exit decisions in the Forex market and other financial markets.