The Trend Support Resistance Tool is a tool that is found within the Utility section of the MQL5 marketplace. The tool was uploaded by its creator ISO Financial Services on the 20th of February 2014, it has had a number of updates, the most recent update was posted on the 10th of July 2018 and is now on version 8.0 of the software.
The Trend Support Resistance Tool is a utility designed for the MetaTrader 4 trading platform, its purpose is to help traders easily manage many charts and symbols without needing multiple monitors.
Some of the main features:
- Candle Breakout Alert, Price Touch Alert, and Time Line Alert;
- 1 click for converting any drawn line into an alert line (Trend line and Horizontal line or Trendline By Angle);
- Alerts History able to re-open closed charts or re-draw deleted alerts, for instant review;
- Separating different time frame’s lines by hiding drawn lines from lower time frames in higher time frames to avoid being confused by many lines on the chart from different time frames;
- Auto switch time frame when a line was hit in the lower time frame;
- Alerts with expiration time if not triggered.
- Auto converts low angle trend line into leveled support and resistance line.
- Auto support to resistance reversal and vice versa;
- Auto line’s color, description, style, and width set;
- Blinking line when a line was hit by price (till user clicks on the chart to turn it off);
- Auto chart comes to the top when a line was hit;
- And more.
There are also a whole bunch of settings that can be altered to help change the utility to better suit your needs, some of them include the resistance color, support color, alert line style and width, the ability to auto-switch timeframe, to auto-hide menus, to show descriptions, and many more options are also available.
The software can be both purchased or rented, in order to purchase it, it will cost you $31.75. When renting, you can rent it in increments of three months, a three month period will cost you $10. There is a free version available, however going through the information we could not see what the limitations or changes are for the free version, but it is always worth downloading the trying out.
At the time of writing, there are 14 different reviews giving the utility an overall rating of 4 out of 5 stars.
“I’m Honestly happy even though @ 1st I was hesitant about it, its worth it cause I ain’t got time to be on the screen the whole day. I just need my alerts, analyze further and that’s it. #SniperTool” – A 5-star review.
“I like the product but Author doesn’t not usually respond to messaging so -1 star for that.” – A 4-star review.
“Excellent tool, now I am getting notifications on my Iphone and also through email. Would recommend this to every one, it gives you peace of mind not to stare the screen, only check when you get the alert. Super simple but very effective.” – A 5-star review.
The reviews on offer are generally very positive, there are a few mentions of the support being offered as slow or non-existent which isn’t a great sign. We would highly recommend that you download and test out the free version, this way you can be sure that you are about to get it set up and running correctly and that its features are exactly what you are looking for.