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Published:

2014.01.16 11:22

Updated:

2016.11.22 07:32

res-sup.mq5 (9.68 KB) view

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Real author:

TOPpoint

Two pairs of support and resistance levels based on the candlesticks of the timeframe specified in the input parameters.

The formula for the calculation of the levels:

Res2 = ( Low + High + Close ) / 3 + ( High - Low ) * 0.618

Res1 = ( Low + High + Close ) / 3 + ( High - Low ) * 0.5

Sup1 = ( Low + High + Close ) / 3 - ( High - Low ) * 0.5

Sup2 = ( Low + High + Close ) / 3 - ( High - Low ) * 0.618

This indicator was first implemented in MQL4 and published in the Code Base at mql4.com on 30.01.2008.

The RES-SUP indicator

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/1956

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RES-SUP - indicator for MetaTrader 5