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

The Support Resistance Breakout Indicator (SRBAI) in Meta Trader 4 (MT4) identifies pivot points and marks support and resistance levels. Support levels are displayed with blue dashed lines, and resistance levels are shown with red dashed lines. When a support level is broken (breakout), a sell signal (red downward arrow) is issued, and when a resistance level is broken, a buy signal (blue upward arrow) is issued.

Indicator table

Principles of Using the SRBAI Indicator

The SRBAI indicator is an effective tool for traders to identify support and resistance breakout areas. This indicator detects these breakouts and issues buy and sell signals

Breakout of Resistance Level

In the 1-hour chart of Gold (XAUUSD), if the resistance levels marked in red are broken, a buy signal (Buy) is issued in blue.

Breakout of Support Level

In the 30-minute chart of the NASDAQ index (NAS100), if the support levels marked in blue are broken, a sell signal (Sell) is issued in red.

Indicator setting

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Traders can receive stronger signals on the chart by enabling the RSI_CCI_Filter.

• RSI_CCI_Filter: Filters the signal using CCI and RSI.
• RSI_Period: RSI calculation period.
• RSI_Overbought: RSI overbought level.
• RSI_Oversold: RSI oversold level.
• CCI_Period: CCI calculation period.
• CCI_Buy: CCI level for buy signals.
• CCI_Sell: CCI level for sell signals.
• Alerts: Turns on alerts.
• Alert_On_Close: Alerts when the candle closes.

Summary

The Support Resistance Breakout Indicator (SRBAI) provides strong buy and sell signals by combining the RSI and CCI indicators. This combination helps traders receive stronger signals on the chart.