Support Resistance MT5
Support & Resistance is an indicator for automatically constructing the strongest support and resistance levels and price zones.
- It builds with the calculation of all extrema for the required period of time;
- One set of input parameters can be used for any financial instrument and timeframe;
- Opportunities to use both in manual and algorithmic trading.
Using the indicator in the "Ranger EA":
- "Ranger MT5": https://www.mql5.com/en/market/product/73009
- "Ranger MT4": https://www.mql5.com/en/market/product/73010
Version for MetaTrader 4: https://www.mql5.com/en/market/product/73011
A total of 5 copies of the indicator will be sold.
Christmas and New Year promotions:
Price reduced to $7500.
After the promotion ends, the price will return to $15000.
Limited time offer.
This indicator constructs price zones and levels, following the following scheme:
- Calculation of local, intermediate and absolute extrema;
- Integration of extrema according to the weight of each extremum group;
- Calculation of zones that connect several extrema;
- Construction of levels by zones;
- Searching for the moments of crossing of price and level.
- For manual trading, it is recommended to open positions from levels in the direction of the trend;
- For algorithmic trading, it is recommended to use indicator buffers indicating entry points;
- For more efficient use, familiarize yourself with the input parameters and do your own customization of the indicator.
- Show arrows - display crossover arrows on the chart*
- Show zones - show zones on the chart
- Show levels - show support/resistance levels on the chart
- Color zones - color of zones
- Color levels - color of support/resistance levels
- Levels construction type - the type of levels construction (you can choose from the drop-down list: closer to the current price / further from the current price / along the center of the zone / at the extremums)
- Zones future shift - shift the zones displaying by the number of bars into the future
- Arrow Construction
- Amount opens for direction - number of bar open prices for the price action behind the level
- Open check start pos - starting bar open prices search position
- Arrow draw vertical shift ATR coefficient - vertical shift of arrows
- Start bar pos when finding extremum - start position for extremum search
- Zone Construction
- Extremum abs/prm/loc superiority - number of bars required for finding an extremum for 3 groups (abs - absolute, prm - intermediate, loc - local extrema)
- Extremum abs/prm/loc weight - weight of each group of extrema
- Threshold - threshold of the sum of identified extrema within one zone
- Zones on one side amount - number of zones on one side of the current price (above or below)
- Zone Height
- Max height zone ATR coefficient - zone maximum height coefficient
- Min height zone ATR coefficient - coefficient of the minimum zone height
- History Void
- If history void is reached distance ATR coefficient - if history maximum/minimum is updated, new resistance/support levels will be built considering the coefficient, specified in this parameter
Note: *Arrows show crossing of actual levels only and are not re-drawn. Therefore, they will appear as the indicator works. You can see this in the built-in MetaTrader strategy tester.
Warning on distribution.
You can only buy my Expert Advisors and indicators at mql5.com. If you see my products for sale on third-party resources, they are scammers and sell fake ones.