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SAMI SAYDAM RESISTANCE AND SUPPORT INDICATOR
It is the sharp and accurate support and resistance level indicator, it moves them correctly with time and it works perfect on all time frames’ charts and on most of the trading instruments.
It uses the reality points on the top and the real bottom of each candle out of the last 20 candle bars. If the prices go from down to above the red trend line and confirm the full candle at the close above the line, then the indicator will pop up long signal alert which is telling you the current resistance is broken and the prices can go further up. Also if the price candle breaks down one of the lines especially the down line with full confirmed candle at the close, then the pop up window will alert you that the support level is broken now and the prices can go further down and it shows short signal.
The good advantage of this indicator that it gives you the signal early before any big move the prices which can give you time to buy or sell. I have added the Email & Message notifications functions so you can host this indicator with your MT4 on VPS and receive instant trading signals to your MT4 mobile phone and decide to trade while you are in the beach or shopping with your family. Just you need to configure your Metaquote ID in your MT4 options tools.
Note: The signal is popped up right after the closed candle is formed above or below the red trend line, no delays.
You can attach it on all time frames to show you online moving real resistance and support that you can rely on, especially for major time frames like 4 hours, Daily, weekly and Monthly charts. Of course, you can attach the indicator on most of the charts at the same time for the active intraday trading signals up to the minute. The 1 to 15 minutes charts are good signals for scalpers and 30 to 4 hours are good for intraday traders. The 4 hours until monthly charts are good for long term traders (1 day to 30 days period).
The only input for the indicator is PopupAlert=true to show you the pop up window showing the buy or sell signal when the current support or the resistance trend is confirmed broken. If you turn it to false then you will not see the popup window any more.
With my experience on this indicator, as an example, most of the open long trades, the close of this trade when you get the opposite short signal and can be reverse the trade or visa versa but I recommend to take your profits when you are satisfied enough with it. For the common inputs you can click on Allow DLL imports and allow external experts import.
Important Notice: For traders who is using this indicator to trade the signals, you need to place stop loss order at the levels before the broken lines to avoid fake broken supports and resistance. To avoid that, you can add more indicators to support the signal like CCI or RSI indicators. It will be added in my next version EA. (See the attached screen shots).
I will follow up your comments and I will try my best to give answers & support on time as I can.
The indicator is Copyrighted in 2010 UKC (316009) for Sami Saydam and not allowed to copy or use the methods under any circumstances or in EAs without the owner permeations.