MSM Candlestick Support Resistance
- Indicatori
- Versione: 1.4
MSM Candlestick Support Resistance finds well-known Japanese candlestick patterns on your MetaTrader 5 chart and turns each one into a support or resistance level. When price closes through a level, the level changes its role: support becomes resistance and resistance becomes support. The indicator only draws levels; it does not open or manage trades.
Patterns and their levels
- Hammer and shooting star (long shadow): the low of a hammer is support, the high of a shooting star is resistance.
- Engulfing: the lowest low (bullish) or highest high (bearish) of the two candles.
- Morning star and evening star: the lowest low or highest high of the three candles.
- Tall candle: the open of a long candle, plus its 50% midpoint as a second level.
Reversal patterns can be required to follow a short trend, so patterns in the middle of a range are skipped. Only closed candles are used.
Change of polarity
A level stays green (support) or red (resistance) until a candle closes beyond it. It then turns blue, changes its role and gets a * mark in its label. After the set number of role changes the level becomes invalid. Invalid levels can be hidden or shown as grey dotted lines.
Clean chart
- Levels that are close together are merged into one zone, and the label shows how many patterns built it (for example x2).
- Only the levels nearest to the current price are shown (20 by default).
- Draw levels as zones (boxes) or as lines.
- Labels show the pattern and the role (for example ENG S). They sit at the pattern candle or at the right edge, and they move away from candles, from the panel and from each other.
On-chart buttons
A small panel turns each pattern on and off, switches between ZONE and LINE, hides all buttons with one click and moves the panel to any chart corner. Your choices are kept when you change the chart timeframe. In the Strategy Tester the buttons cannot be clicked, so please use the input settings there.
Settings
Lookback bars, number of levels, shadow and body ratios, tall candle size, trend filter, merge distance, zone height, colors and label position can all be changed in the inputs. Sizes are measured with ATR, so the same settings work on forex pairs, gold and indices.
Trading on margin involves a high risk of loss. This indicator only shows price levels; the trading decisions are yours. It cannot guarantee profit. Please test on a demo account first.
