Multi TF Support Resistance Levels Indicator MT4
- Indicateurs
- Version: 1.0
- Activations: 5
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This is a totally automated multi timeframe support and resistance levels finder on every MT4 chart. No manual work! Just drop this indicator on a chart and you will have the S/R levels always up to date. It is very convenient and helps the trader to anticipate possible stalls and reversions in price movements. The levels are displayed as lines and each timeframe has a different color.
The indicator uses a minimum of computer resources, so it can be used in several charts at the same time without impacting MT4 performance.
Parameters:
1 - Use candle body or high/low: Can be "CandleBody" or "CandleHighLow". CandleBody ignores the candles' wicks to determine the S/R levels.
2 - Symbol: If left empty, uses the chart's symbol. This field can be used with instruments that expire monthly but have a continuous series. Put the continuous series here.
3 - Timeframes: A comma separated list of the timeframes to be used to determine the S/R levels. For instance W1,D1,H1 will draw the S/R levels found in the weekly, daily and hourly candles. Valid timeframes are MN, W1, D1, H4, H1, M15, M5 and M1.
4 - Number of bars: A comma separated list with the number of bars used to search for the S/R in each timeframe. For instance 104,110,50 will use 104 weekly bars, 110 daily bars and 50 hourly bars.
5 - Minimum distance between levels: A comma separated list with the minimum distance between levels. Levels closer than the minimum distance are eliminated with priority to the level from the larger timeframe.
6 - Distance type between levels: The minimum distance between levels can be specified in terms of PercentageOfPrice, FixedPoints (integer) or AverageCandleSize.
Other parameters: Lines Styles and Colors
