Not every swing deserves the same attention. The support and resistance major/minor indicator tracks two sizes of swing at once: major levels from swings with twelve bars on each side, and minor levels from swings with four. Only a close through a major level earns a mark.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 6: Major Resistance, Major Support, Minor Resistance, Minor Support, Break Up, Break Down |
| Alerts | popup, push notification, email, sound |
| Inputs | 12 |
What you get on the chart
Four stepped lines and two marks on price.
`Major Resistance` steps in orange red at width 2.
`Major Support` steps in lime green at width 2.
`Minor Resistance` and `Minor Support` step thinner and paler.
`Break Up` prints aqua with arrow 233.
`Break Down` prints red with arrow 234.
- Major Resistance: line, orange red, width 2
- Major Support: line, lime green, width 2
- Minor Resistance: line, salmon, width 1
- Minor Support: line, pale green, width 1
- Break Up: arrow, aqua, width 2, arrow code 233
- Break Down: arrow, red, width 2, arrow code 234
Step by step through the logic
Major swings
`MajorDepth` `12` bars on each side confirm a major swing. Its price becomes the major level until the next one forms.
Minor swings
`MinorDepth` `4` bars on each side give the minor levels. `ShowMinor` controls whether they are drawn.
Breaks
A close above the major resistance, after a close at or below it, prints a break up. `BreakCooldown` `6` spaces the marks.
What each colour means
Thick lines are major levels.
Thin pale lines are minor levels.
Marks only follow major breaks.
Minor levels help place stops and targets.
The scan covers `Lookback` `500` bars.
Major swings confirm twelve bars late.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Breaks of major levels report once per closed bar. `EnableAlerts` is the master switch, and the popup is the only route that starts on.
Every Support and Resistance Major/Minor Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
MinorDepth |
Minor swing depth (bars each side). Bars on each side of a minor swing, `4`. | 4 |
MajorDepth |
Major swing depth (bars each side). Bars on each side of a major swing, `12`. | 12 |
Lookback |
Bars to scan for levels. Bars scanned for levels, `500`. | 500 |
BreakCooldown |
Min bars between break arrows. Bars between break marks, `6`. | 6 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ShowMinor |
Draw minor levels. Draw minor levels, `true`. | on |
ArrowPadPips |
Arrow offset from candle (pips). Mark gap in pips, `1.5`. | 1.5 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master alert switch. Master alert switch, `true`. | on |
EnablePopup |
Popup alert. Popup, `true`. | on |
EnablePushNotify |
Mobile push notification. Phone route, `false`. | off |
EnableEmail |
Email alert. | off |
EnableSound |
Sound alert. Speaker, `false`. | off |
SoundFile |
Sound file. | alert.wav |
Chart choice
Two swing sizes suit hourly and four-hour charts. On the hourly EURUSD screenshot, major levels last for days while minor ones change daily. On D1 major levels match the big turning points.
The downsides
Twelve-bar swings confirm late.
Major breaks often retest before running.
Minor levels change quickly.
Only the popup is on by default.
Copy the compiled Support and Resistance Major/Minor Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Related on forexmt4systems.com: Support and Resistance Strategy.
Download the Support and Resistance Major/Minor Indicator for MT4 and MT5
The zip holds the compiled Support and Resistance Major/Minor Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
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FAQ
What separates MajorDepth 12 from MinorDepth 4?
The swing size. A major level needs twelve bars on each side of the turn, a minor level only four, so majors mark the bigger, rarer turning points.
Why do only major levels trigger Break Up marks?
Minor levels break constantly and would flood the chart with marks. Keeping marks for major levels leaves signals at the turns most traders actually watch and trade around.
How far apart does BreakCooldown 6 keep Break Up marks?
At least six bars. When price chops around a major level after breaking it, the cooldown stops a second mark on the same side until six bars have passed.
What happens when you switch ShowMinor off?
The pale minor lines disappear, leaving only the two major levels on the chart. The marks stay the same, since they come from major breaks only.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Support and Resistance Major/Minor Indicator as one input. Always backtest before trading live.
Category: this is part of our Support and Resistance collection. Browse more Support and Resistance for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in TRIX (technical analysis) on Wikipedia.
- Additional market context is at Momentum Investing at Investopedia.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.