Support Resistance Channel MT5

Support Resistance Channel MT5

The Support Resistance Channel MT5 indicator plots dynamic support and resistance levels based on a configurable lookback period, displaying them as green and red lines respectively.

It optionally shows goldenrod-colored arrows when price touches these levels, indicating potential trend changes (not explicit buy/sell signals), along with customizable "RES" and "SUP" labels.

With adjustable parameters like lookback period, arrow size, and label offset, it offers traders a flexible tool to visualize key price levels and their interactions on the MT5 platform.

Support and questions via MQL5 product comments.

For questions, updates, and to connect with other traders, join my official MQL5 group ForexEAandMore


Settings:

1. **PeriodLookback**  

Number of bars to look back for calculating support and resistance levels.

2. **BreakoutDistance**  

Distance in points used to detect breakouts from support/resistance levels.

3. **ConfirmationBars**  

Number of bars required to confirm a signal before displaying an arrow.

4. **SellArrowCode**  

Symbol code for the sell arrow (default is a downward arrow).

5. **BuyArrowCode**  

Symbol code for the buy arrow (default is an upward arrow).

6. **ArrowSize**  

Size of the signal arrows (valid range: 1 to 5).

7. **ShowArrows**  

Toggle to show or hide the buy/sell arrows.

8. **ShowLabels**  

Toggle to show or hide the "RES" (resistance) and "SUP" (support) labels.

9. **LabelOffset**  

Distance in points that the labels are offset from the support/resistance price levels.

10. **LabelFontSize**  

Font size of the "RES" and "SUP" labels.


Disclaimer

This indicator is provided for informational purposes only and does not constitute financial advice. Past performance calculated using historical data does not guarantee future results, and trading involves risk of loss. Always test the product in a demo account, combine it with appropriate risk management, and consult a professional advisor if necessary. The developer assumes no liability for any trading decisions made based on this tool. Translations are available via MQL5 tools for global accessibility.




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Indicateurs
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Indicateurs
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Indicateurs
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Indicateurs
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Indicateurs
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5 (6)
Indicateurs
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Indicateurs
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