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Views:: 33792
Rating:: (39)
Published:: 2014.05.23 11:27
Updated:: 2016.11.22 07:32

dynamicresistancesupport.mq5 (5.32 KB) view

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This technical indicator detects constant price zones and draws resistance and support lines.

It checks the market movement for any market and any time frame. If a bar is not abnormally large, the indicator checks back and searches for other bars within the same price zone.

If enough candles are found, it draws lines on this level. The lines will continue till the next zone is identified.

Input parameters:

InpBacklook (5-xxxx) - Amount of candles to scan and detect other candles in the same range;
InpAccurency (10.0 - 100.0) - Required candles in back look range to match requirements in percent.

Dynamic resistance and support screenshot

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Dynamic Auto Resistance Support - indicator for MetaTrader 5