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SR Projection MT5

In technical analysis, support and resistance is a concept that the movement of the price of a security will tend to stop and reverse at certain predetermined price levels. These levels are denoted by multiple touches of price without a breakthrough of the level.


Support versus Resistance

A support level is a level where the price tends to find support as it falls. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has breached this level, by an amount exceeding some noise, it is likely to continue falling until meeting another support level.

A resistance level is the opposite of a support level. It is where the price tends to find resistance as it rises. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has breached this level, by an amount exceeding some noise, it is likely to continue rising until meeting another resistance level.‌‌


Inputs

  • Limit - Limit of bars for calculation.
  • AlertON - Enable alerts.
  • Pivot/Support - Change lines and text color.
  • Gap - Change arrow position.
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Version 1.2 - 2017.06.23
Modified rule for calculating levels.
Version 1.1 - 2017.06.14
Modified rules for conditions