Incorporating a freeware indicator - page 3
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BTW this indicator is derived from fractals (left period=6,right period=6) as @Mladen Rakic said. But there is a risk in redrawing. This indicator draws arrows without confirmation of a fractal as you can see on the attached picture. There are two indicators on the chart. Your "FML_SupRes" and my own indicator that draws black points (fractals(6,6)). The difference is at the end of the chart. Your indicator supposes a new fractal on the third bar from the end but it isn't a confirmed fractal and if the price fall the indicator will redraw itself.