Watch how to download trading robots for free

Find us on Telegram!
Join our fan page

Interesting script?
So post a link to it -
let others appraise it

You liked the script? Try it in the MetaTrader 5 terminal

Simple_Support_Resistance.mq5 (9.45 KB) view

: Need a robot or indicator based on this code? Order it on Freelance Go to Freelance

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

RMO

The tend indicator: Rahul Mohindar Oscillator

REMA

Regularized EMA by Cris Satchwell.

Trailing_Stop_Level

An indicator of StopLoss levels.

TriMA

Triangular Moving Average.

Simple_Support_Resistance - indicator for MetaTrader 5