RS Levels MT5
The indicator plots horizontal support and resistance levels using grouping of extrema. The levels are displayed as lines whose color depends on how many times the level was a support or resistance line over the specified interval. You can also display counters for support, resistance and age of the level in text format. The age of the level indicates how many bars back the level had the most recent impact on the price (on the chart time frame as specified in the settings). Given the age of the level, one can draw conclusions on its influence on the price at a given point of time.
In displaying values, the following abbreviations are used:
supp=1 //the level was once a support line over the specified interval res=2 //the level was a resistance line twice over the specified interval <-34 //the last influence on the price was 34 bars back
Below is the description of input parameters.
||Scanning depth expressed as the number of bars starting from the bar with index 0 or from the rightmost bar (depends on the "Redraw when scrolling" parameter value).
||Chart time frame on which the levels are plotted. It can be equal to or different from the open chart time frame. It is recommended to select a slower time frame value. E.g., if the indicator is running on M15 chart, it is best to select H1 as the time frame value for level identification.
|Number of nearest levels
||How many level lines will be displayed up and down from the current price.
|Level line style
||Style of the level line.
||Scope of the level. It is expressed as points. It indicates the spread range of extrema grouped into a level. The greater the value, the more widely spaced the levels will be.
|Display level area
||Whether or not to display the level areas. If the value is set to true, the areas will be displayed as rectangles.
|"Price" label position
||Position of the level price value. It can be displayed on the left, on the right, in the middle or not be displayed at all.
|"Support" label position||Position of the support level counter. It can be displayed on the left, on the right, in the middle or not be displayed at all.|
|"Resistance" label position||Position of the resistance level counter. It can be displayed on the left, on the right, in the middle or not be displayed at all.|
|"Old" label position||Position of the age of the level. It can be displayed on the left, on the right, in the middle or not be displayed at all. Taking into account the meaning of the value displayed, it is recommended to select the "Right" position.
||Font size of the text.
|Redraw when scrolling
||It determines the indicator behavior when scrolling down.
2. Added four filters:
- by the minimum number of support points;
- by the minimum number of resistance points;
- by the minimum total number of support and resistance points;
- by the minimum value of the "Usage" parameter.
The filters interact on the "AND" principle. To disable one of the filters, set its value to 0. To disable all the filters, set the "Filters enable" parameter to "false".
3. Added the possibility to show the sequence of extrema that form a level in chronological order. For example, RRSR means "resistance", "resistance", "support", "resistance". It means the following: first, the level twice acted as resistance, then once as support, and the last time was resistance again. The maximum length of the sequences is 32 points. If this max value is exceeded, the oldest extremes are not taken into account.
4. Added detailed level display. When you click on any of the text labels that describe the level, the detailed mode is enabled for this label. In this mode, all extrema that form the level will be shown as arrows. The levels are not drawn until the detail mode is disabled. To disable the detailed mode, click once again on one of the text labels of the level. The availability of this mode is determined by the "Detail allowed" parameter.
5. Added an alert. The distance to a level in points is determined by the "Alert area" parameter and hysteresis (to avoid chatter at the border) - by the "Hysteresis" parameter. The alerts are available only in the zero bar reference mode (when the "Redraw when scrolling" parameter is 'false').
6. Added the "Period" label (disabled by default), which displays the value of the timeframe, in which the levels are drawn. This is useful when you run several indicators that draw levels at different timeframes on one chart.
7. Added the "Index" parameter (from 0 to 255, by default - 0). This is the indicator index on the chart. It is used to launch two or more indicators on the chart.
8. Added ability to set level line colors.
SUPPORT color - support level color.
RESISTANCE color - resistance level color.
A color of the levels that are both support and resistance ones is calculated as a shade between two specified colors.
1. To provide correct operation of the indicator, set up the "Level area", "Alert area" and "Hysteresis" parameters correctly. Their values depend on the currency pair and the number of digits after the decimal point. Default parameters are calculated for EURUSD with five decimal places.
2. The "Redraw when scrolling" mode is designed for working on historical data when drawing the levels is bound to the last right bar when you scroll the screen. That is why alerts are disabled in this mode.