Support And Resistance Indicator
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
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/
Indicators modified for CP:
MT5:
Support and Resistance.ex5
Support and Resistance.mq5
MT4:
Support and Resistance.ex4
Support and Resistance.mq4
Config:
Test_v2.54.set
A configuration for using the indicator as a signal and as a direction
Support and Resistance - Signal (EarnForex)
Test_v2.59 - Signal.set
Support and Resistance - Direction (EarnForex)
Test_v2.59 - Direction.set
https://www.earnforex.com/metatrader-indicators/Support-and-Resistance/