Support And Resistance Indicator

Ulises Cune

12 months ago
updated 9 months ago

The basic idea behind the indicator is to check for bouncebacks between support and resistance levels. There are two input parameters: period and overlook. A support level is the lowest low in the last period bars if this value is equal to the lowest low of the last period+overlook bars. A resistance level is the highest high in the last period bars if it is equal to the highest high of the last period+overlook bars. If there are both support and resistance levels and a bounceback happens (price is between these levels) the support and resistance levels will be displayed on the chart.

Original MT5 Only:

https://www.mql5.com/en/code/45132

Buy are closed when crossing the Resistance (Red dot)

SELL are closed when crossing the Support (Blue point)

Modified for CP:

SupportResistance.ex5
SupportResistance.mq5

Test_v2.54.set

Replies 5

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ferdinand tampubolon

12 months ago

great it is another support and resistance for mt4 ? coz another broker use mt4 for client trading

Link

Ulises Cune

12 months ago

I don't have for MT4, try to convert this MQL5 to MQL4

Link

Ulises Cune

10 months ago

Hello, Here is a configuration to open the first trade at support or resistance when the closing price crosses the current one.

In any case, there is something that is not working well, I still can't identify it well. If anyone is willing to evaluate it carefully and explain it, welcome.

SupportResistance.ex5
SupportResistance.mq5

Test_v2.54_Open_Resistance_Support.set
Test_v2.54_Close_Resistance_Support.set

Link

Ulises Cune

10 months ago

Here is another Support and Resistance (EarnForex) indicator:

Support and Resistance MetaTrader indicator — as the name of this indicator suggests, it displays the support and resistance levels. It shows them directly on the chart, providing an easy help when you want to set stop-loss or take-profit level, or when you want to see the next market target. This indicator uses the standard MetaTrader Fractals indicator (by Bill Williams' method) and has no changeable input parameters. This indicator is available for MetaTrader version 4 and 5.

Original:

https://www.earnforex.com/metatrader-indicators/Support-and-Resistance/