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Published:

2018.06.06 14:01

Simple_Support_Resistance.mq5 (9.45 KB) view

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The indicator shows on a price chart possible support/resistance levels.

Calculation formula:

Support[i] = 2*Min - Max,
Resistance[i] = 2*Max - Min

where

Max, Min - the highest and the lowest price in the range from (i-Period) to (i-1)

The indicator has two input parameters:

Period - calculation period (* the range for the calculation of maximum and minimum prices);
Lines length - the length of the Support/Resistance levels.

* The larger the Period, the wider the area between the support line and the resistance line.

Fig.1. H1, Period = 1

Fig.2. H4, Period = 3

Fig.3. M5, Period = 15 (default)

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/20435

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Simple_Support_Resistance - indicator for MetaTrader 5