Automatic Support and Resistance Osw MT5
- Indicators
-
William Oswaldo Mayorga Urduy
MQL4 and MQL5 trader and developer since February 2019, delivering projects in under one day and providing post-delivery technical support.
Optimized code, advanced logic, and high-quality code. - Version: 1.6
- Updated: 19 August 2022
- Activations: 5
Automatic Support and Resistance OSW - Automatic Key Levels
Automatic Support and Resistance OSW is an automated technical indicator designed to instantly identify and plot the most relevant Support and Resistance levels on your chart. By intelligently calculating highs and lows from higher timeframes (H1, Daily, Weekly, and Monthly), it eliminates subjectivity when marking key liquidity zones, allowing the trader to focus their attention on price action and strategic decision-making.
Configuration Parameter Guide
S&R Color: Defines the visual color for the horizontal support and resistance lines projected on the chart.
S&R Style: Selects the visual drawing style for the lines (solid line, dotted, dashed, among others).
S&R Width: Adjusts the visual thickness of the level lines to adapt visibility to your screen preference.
Visual Chart Interpretation
The indicator draws automatic horizontal lines placed in the background of the chart so as not to interfere with the candles or your manual analysis.
Levels are calculated dynamically according to the timeframe you are working on:
1 to 4 minute charts: Shows key levels extracted from the 1-hour structure (H1).
5 to 30 minute charts: Shows key highs and lows from the Daily chart (D1).
1 to 2 hour charts: Shows structural levels from the Weekly chart (W1).
4-hour to Monthly charts: Shows high and low levels from the Monthly chart (MN1).
The lines are normalized to highlight areas where the price has historically reacted most frequently.
Operation Guide
Rebound Strategy (Reversal): Observe the price reaction when it reaches a key horizontal line. If you detect rejection patterns (such as momentum reversal candles), look for trades in the opposite direction of the level.
Breakout Strategy (Breakout): When the price breaks a support or resistance line with force, wait for a confirmation pullback to the broken level to trade in favor of the momentum.
Profit Taking and Exits: Use the upper automatic levels as target zones for placing your profit-taking or protection levels.
Usage Recommendations
Suggested assets: Universal. Excellent performance in Forex, Synthetic and Traditional Indices, Commodities, and Cryptocurrencies.
Recommended timeframe: Adaptive to any timeframe from 1 minute (M1) to Monthly chart (MN1).
Efficiency: Designed to update lightly without slowing down the trading terminal.
Don't forget to visit my other indicators and Experts.
