Support Resistance Free
The indicator shows support and resistance levels as horizontal lines. It shows the highs and lows of former days, weeks and month in every chart.
These levels give orientation in trading, they are much noted as one can see in the charts.
The support and resistance levels are the base of the Levels Trader EA >>
When the tip of the coursor is on a line (mouseover) it shows the real value of the level and which high or low is shown, see explanation below.
The indicator must be installed like an expert advisor! To see levels of former days you have to make a backtest and then open the chart.
Note that the indicator shows first wrong levels if the values are not saved already and have be downloaded automaticly. In the second try it shows the correct levels.
hhd1 = highest high of day 1 (day before today)
lld1 = lowest low of day 1
hhd2 = highest high of day 2 (day before yesterday)
lld2 = lowest low of day 2
until day 5
hhw1 = highest high of week 1 (last week)
llw1 = lowest low of week 1
until week 5
hhm1 = highest high of month 1 (last month)
llm1 = lowest low of month 1
until month 6
The colors of the lines can be changed in the settings.
(This indicator is here under utilities as the automatic validation of mql5 tests the indicator on trading - of course it doesn't trade - so it doesn't pass the test.)