A level earns the name verified when price has turned there more than once. The verified support and resistance indicator scans 300 bars for swings, groups those within a fraction of a range, and keeps only levels with two touches. It then tracks the nearest verified level above and below each close.
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 | 2: Verified Resistance, Verified Support |
| Alerts | popup, push notification, email, sound |
| Inputs | 14 |
On screen
Two stepped lines and horizontal levels.
`Verified Resistance` steps in tomato.
`Verified Support` steps in dodger blue.
`ShowLevels` draws every verified level.
`AutoExtend` runs the levels to the right edge.
No signal marks are drawn.
- Verified Resistance: line, tomato, width 2
- Verified Support: line, dodger blue, width 2
How the source computes it
Swings
`Depth` `4` bars on each side confirm a swing inside the last `Lookback` `300` bars.
Verification
Swings within `TolATR` `0.60` of a range join one level. The build drops any level with fewer than `MinTouches` `2` swings.
Nearest levels
Each bar, the tomato line takes the nearest verified level above the close and the blue line the nearest below.
How to read the signals
Horizontal lines mark the verified levels.
Tomato steps show the next ceiling.
Blue steps show the next floor.
Steps jump when price passes a level.
`MaxLevels` `8` caps each side.
Messages cover breaks and tests.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Four events can report: a break up, a break down, a support test and a resistance test. `EnableAlerts` covers all four, and the popup is the route that starts on.
Every Verified Support And Resistance Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
Lookback |
bars scanned for swing structure. Bars scanned for swings, `300`. | 300 |
Depth |
fractal half-width (bars each side of a pivot). Bars on each side of a swing, `4`. | 4 |
MinTouches |
min pivots to VERIFY a level (Min strength). Touches before a level counts, `2`. | 2 |
ATRPeriod |
ATR period for clustering tolerance. Range window, `14`. | 14 |
TolATR |
cluster band width = ATR * TolATR. Grouping band in ranges, `0.60`. | 0.60 |
MaxLevels |
max verified levels drawn each side. Levels per side, `8`. | 8 |
AutoExtend |
extend HLINE right to the chart edge. Extend levels to the right, `true`. | on |
Display settings
| Setting | What it does | Default |
|---|---|---|
ShowLevels |
draw the horizontal S/R lines. Draw the levels, `true`. | on |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master alert switch, `true`. | on |
EnablePopup |
Popup, `true`. | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
(see inputs panel) | off |
SoundFile |
(see inputs panel) | alert.wav |
Where the settings fit
Two-touch levels over 300 bars suit hourly and four-hour charts. EURUSD H1 is the reference chart. On M15 the window covers three days. On D1 it spans more than a year.
The downsides
Verified does not mean the level will hold.
Wide grouping can merge separate levels.
Nearest-level lines jump in fast markets.
Popups carry every message unless you add routes.
Copy the compiled Verified Support And Resistance 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 Verified Support And Resistance Indicator for MT4 and MT5
The zip holds the compiled Verified Support And Resistance 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.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
What makes a level verified?
At least two swings, each with four bars on both sides, landing within 0.6 of a range of each other. The build discards levels with a single swing.
Does the Verified Support line show a signal?
No. It shows the nearest verified level below the close. Break and test events arrive as messages instead of marks, so the chart stays clean while the levels do the work.
What does TolATR 0.60 group together?
Swings within six tenths of the 14-bar range. They count as one level, which is why nearby highs merge into a single line rather than several close ones.
When does a SUPPORT TEST message fire?
When the last closed bar’s low comes within the grouping band of the nearest verified support without closing below it. A close below it reports as a break instead.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Verified Support And Resistance 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
- Learn more about the underlying method in Last look (foreign exchange) on Wikipedia.
- For wider market background, see Mcclellan Summation Index at StockCharts ChartSchool.
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.