Common Support and Resistance (SR) indicator for MT4
<h2><strong>Introduction to the Common SR Indicator</strong></h2>
<p>One of the things that traders would love to know in advance is where price may reverse. The Common SR indicator is one of the few indicators that can logically provide this information, which are support and resistance levels.</p>
<h2><strong>What is the Common SR Indicator?</strong></h2>
<p>The letters “SR” in the indicator name Common SR stands for Support and Resistance. This indicator is exactly what its name suggests.</p>
<p>The Common SR indicator or Common Support and Resistance indicator is an indicator that automatically identifies the support and resistance levels based on key levels coming from the previous period. This could be based on the previous day, week, or month.</p>
<h2><strong>How the Common SR Indicator Works?</strong></h2>
<p>The Common Support and Resistance indicator objectively identifies probable horizontal support and resistance levels based on the highs, lows, and close of the previous period. This could either be based on the high, low, and close of the previous day, week, or month. Traders can modify the basis period on the “Period” variable under the “Inputs” tab of the indicator.</p>
<p><img class="alignnone size-full wp-image-65769" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-the-Common-SR-Indicator-Works.png" alt="How the Common SR Indicator Works" width="977" height="668" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-the-Common-SR-Indicator-Works.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-the-Common-SR-Indicator-Works-300×205.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-the-Common-SR-Indicator-Works-768×525.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-the-Common-SR-Indicator-Works-218×150.png 218w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<p>The indicator then plots a line and indicates the price of these key levels. It plots a dashed line for the high and low of the previous period, and a solid line for the close of the previous period.</p>
<p><img class="alignnone size-full wp-image-65770" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Common-SR-Indicator-for-MT4.png" alt="Common SR Indicator for MT4" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Common-SR-Indicator-for-MT4.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Common-SR-Indicator-for-MT4-300×206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Common-SR-Indicator-for-MT4-768×528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Common-SR-Indicator-for-MT4-218×150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Common-SR-Indicator-for-MT4-436×300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Common-SR-Indicator-for-MT4-100×70.png 100w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<h2><strong>How to Use the Common SR Indicator for MT4</strong></h2>
<p>The highs and lows of the previous period are often key pivot highs and pivot lows where price has drastically reversed from. As pivot highs and pivot lows, these key levels could also be considered as key resistance and support levels.</p>
<p>Traders can use the highs and the lows as support and resistance levels. As such, traders can trade reversals on signs of price rejection occurring on these levels. Traders can also trade breakouts if price would breach these levels with strong momentum.</p>
<p>The close price level could also be a key support or resistance level. However, it is best used as an indication of the previous day’s direction. Traders can opt to trade only in the direction where the closing price is closest. They can trade bullish trades if the closing price is closer to the high, and bearish trades if the closing price is closer to the low. This is often more applicable to momentum breakout type of trades.</p>
<h3><strong>Buy Trade Setup</strong></h3>
<p><strong><em>When to Enter?</em></strong></p>
<p>Wait for price touch the area of the support level indicated by the Common SR indicator. Open a buy trade only if a bullish reversal candlestick or price pattern forms on the area of the support level. Set the stop loss below the bullish reversal candlestick or price pattern.</p>
<p><strong><em>When to Exit?</em></strong></p>
<p>Set the take profit target below the resistance level and allow price to reach the target take profit.</p>
<p><img class="alignnone size-full wp-image-65768" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Buy-Trade.png" alt="How to Use the Common SR Indicator for MT4 – Buy Trade" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Buy-Trade.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Buy-Trade-300×206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Buy-Trade-768×528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Buy-Trade-218×150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Buy-Trade-436×300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Buy-Trade-100×70.png 100w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<h3><strong>Sell Trade Setup</strong></h3>
<p><strong><em>When to Enter?</em></strong></p>
<p>Wait for price touch the area of the resistance level indicated by the Common SR indicator. Open a sell trade only if a bearish reversal candlestick or price pattern forms on the area of the resistance level. Set the stop loss above the bearish reversal candlestick or price pattern.</p>
<p><strong><em>When to Exit?</em></strong></p>
<p>Set the take profit target above the support level and allow price to reach the target take profit.</p>
<p><img class="alignnone size-full wp-image-65767" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Sell-Trade.png" alt="How to Use the Common SR Indicator for MT4 – Sell Trade" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Sell-Trade.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Sell-Trade-300×206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Sell-Trade-768×528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Sell-Trade-218×150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Sell-Trade-436×300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/How-to-Use-the-Common-SR-Indicator-for-MT4-Sell-Trade-100×70.png 100w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<h2><strong>Conclusion</strong></h2>
<p>The Common SR indicator does not provide trade signals. Instead, it only marks key areas where price may actually reverse.</p>
<p>Although it is not a signal or trend following indicator, it is still very useful as it provides a key component of a proper reversal or breakout trade setup.</p>
<p><h3><span><strong>MT4 Indicators – Download Instructions</strong></span></h3>
<p>Common Support and Resistance (SR) indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.</p>
<p>Common Support and Resistance (SR) indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.</p>
<p>Based on this information, traders can assume further price movement and adjust their strategy accordingly. <strong><a href="https://www.forexmt4indicators.com/category/forex-strategies/" target="_blank" rel="noopener noreferrer">Click here for MT4 Strategies</a></strong></p>
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<h4><strong>How to install Common Support and Resistance (SR) indicator for MT4.mq4?</strong></h4>
<ul>
<li>Download Common Support and Resistance (SR) indicator for MT4.mq4</li>
<li>Copy Common Support and Resistance (SR) indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /</li>
<li>Start or restart your Metatrader 4 Client</li>
<li>Select Chart and Timeframe where you want to test your MT4 indicators</li>
<li>Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client</li>
<li>Right click on Common Support and Resistance (SR) indicator for MT4.mq4</li>
<li>Attach to a chart</li>
<li>Modify settings or press ok</li>
<li>Indicator Common Support and Resistance (SR) indicator for MT4.mq4 is available on your Chart</li>
</ul>
<h4><strong>How to remove Common Support and Resistance (SR) indicator for MT4.mq4 from your Metatrader Chart?</strong></h4>
<ul>
<li>Select the Chart where is the Indicator running in your Metatrader 4 Client</li>
<li>Right click into the Chart</li>
<li>“Indicators list”</li>
<li>Select the Indicator and delete</li>
</ul>
<h4><strong>Common Support and Resistance (SR) indicator for MT4 (Free Download)</strong></h4>
<p><strong>Click here below to download:</strong></p>
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<p>La entrada <a rel="nofollow" href="https://www.forexmt4indicators.com/common-support-and-resistance-sr-indicator-for-mt4/">Common Support and Resistance (SR) indicator for MT4</a> se publicó primero en <a rel="nofollow" href="https://www.forexmt4indicators.com">ForexMT4Indicators.com</a>.</p>
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