Support and Resistance MultiTime
- Indicators
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Mattia Impicciatore
Hello,
I’m Mattia — a fintech developer, trader, and expert in MQL5, Python, and web technologies. - Version: 1.0
Overview
This indicator monitors three types of support and resistance levels derived from previous periods: Daily (yesterday’s high and low), Weekly (last week), and Monthly (last month). It visually maps key price levels where reactions are more likely, making it valuable for identifying potential reversals as well as significant breakouts.
Features
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Automatically draws:
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High/Low of yesterday (Daily)
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High/Low of the previous week (Weekly)
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High/Low of the previous month (Monthly)
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Each level has its own color, style, and label.
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Daily, Weekly, Monthly layers and their labels can be enabled or disabled independently.
Reversal Entries
For entries based on price bouncing or reversing at these levels, it’s advisable to seek additional confirmation such as:
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Candlestick reversal patterns on the tested level (e.g., pin bar, engulfing, doji).
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Divergences on oscillators (RSI, MACD) relative to price.
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Price rejection with a clear close away from the level (false breakouts being rejected).
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Confluence from higher timeframes or alignment with a larger trend.
Breakout Confirmations
When trading breakouts (decisive price breaches of a level), the strongest confirmations include:
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Clean close beyond the level (not just a wick or test).
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Increased volume or expansion in volatility at the moment of the break.
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Retest of the broken level, which holds as new support/resistance.
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Absence of negative divergences on oscillators signaling exhaustion.
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Alignment with the direction of a higher timeframe trend (trend-following bias).
Recommended Integration
To improve signal quality, pair this indicator with a candlestick pattern analyzer. For example, combine it with the Candlestick Pattern Analyzer to overlay price-level context with relevant price action patterns. See: https://www.mql5.com/en/market/product/145419
Final Recommendations
Use this tool as part of a multi-confirmation strategy to filter out false signals. Do not rely on a single element for entries: combine the presence of the level, actual price behavior, candlestick patterns, and—when trading breakouts—the retest and volume dynamics. The ability to toggle individual layers makes it flexible for both intraday and medium-to-long-term styles.
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bom indicador, obrigado.