Support and Resistance The Broker Killer
- Indicators
- Version: 2.2
This is an MQL5 custom indicator for MetaTrader 5 that automatically identifies and plots dynamic Support and Resistance levels, while providing alerts for price breakouts.
Core Mechanics
The indicator relies on Bill Williams' Fractals ( iFractals ) to determine key price levels:
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Resistance (Red): Whenever an upper fractal is identified, the indicator plots a red marker at the High of that specific candle. This resistance level is carried forward horizontally until a new upper fractal forms.
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Support (Blue): Whenever a lower fractal is identified, the indicator plots a blue marker at the Low of that candle. This support level is also carried forward until a new lower fractal appears.
The levels are drawn directly on the main chart using a continuous series of arrows (using Wingdings symbol 119, which typically looks like a small diamond or dash).
Alert System
The script features a built-in breakout alert system. It evaluates the relationship between the closing price and the established support/resistance levels.
Breakout Triggers:
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Bullish Breakout: Triggers when the candle's Close price is strictly greater than the Resistance level, while the previous candle's close was at or below it.
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Bearish Breakout: Triggers when the candle's Close price is strictly less than the Support level, while the previous candle's close was at or above it.
Customizable Settings:
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Trigger Candle: You can set the indicator to evaluate the Current forming candle (which can cause repainting/false alerts if the price fluctuates before the candle closes) or the Previous fully closed candle (which is safer and confirms the breakout).
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Notification Methods: You can independently toggle Native MetaTrader pop-up alerts, Emails, and Push notifications to your mobile device.
Trading Application
This indicator is designed for breakout and pullback strategies. By visually flattening fractal highs and lows into continuous horizontal lines, it easily highlights consolidation zones and ranges. The alerts ensure you do not have to stare at the chart waiting for a structural break.
