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Indicators

MaksiGen_Range_Move MTF - indicator for MetaTrader 5

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Published by:
Sergey Golubev
Views:
8666
Rating:
votes: 26
Published:
2013.01.18 13:00
Updated:
2016.11.22 07:32

The indicator draws support/resistance lines and the trend lines in the chart.
At first it was used as a part of Paramon scalping on М5 and М15 timeframes. Later it was used as an independent indicator to trade on М1 and H4/D1.
Support/resistance lines and trend lines are drawn on the number of bars that can be changed in the indicator settings.


Recommendations:

  • Use the indicator to trade on the lower timeframes, and for the technical analyses on higher timeframes.
  • The most interesting are support/resistance lines drawn by a dotted red/blue color and that indicates possible buy stop and sell stop pending orders.
  • The multi-timeframe indicator. Thus to use two or more indicators in one chart use the UniqueID parameter that must be any but unique for each indicator.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1434

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