Support and Resistance indicator for MQL5

Support and Resistance indicator for MQL5

Support and Resistance indicator for MQL5 MT5 indicator for multiple cycles. The indicator helps to identify potential trading opportunities in different time frames.

The basic idea behind the indicator is to check for bouncebacks between support and resistance levels. There are two input parameters: period and overlook. A support level is the lowest low in the last period bars if this value is equal to the lowest low of the last period+overlook bars. A resistance level is the highest high in the last period bars if it is equal to the highest high of the last period+overlook bars. If there are both support and resistance levels and a bounceback happens (price is between these levels) the support and resistance levels will be displayed on the chart.

In the original Indicator the i integer runs from period+overlook until rates_total, so the for cycle is for(i = rates_total-3;i<rates_total;i++). But for some reason I had to change that to validate my code.

Screenshot of indicator

Check out the video I’ve made about the mql4 version (there are a few differences between mql4 and mql5 but the logic is the same) :

    How to install Support and Resistance indicator for MQL5 Indicator in MetaTrader 5 Forex Trading Platform?

    • Extract the downloaded Support and Resistance indicator for MQL5 Indicator.zip file.
    • In the MetaTrader 5 trading platform, go to the “File” menu and click “Open Data Folder”.
    • Navigate to the MQL5 folder and open the Indicators folder.
    • Paste the Support and Resistance indicator for MQL5 Indicator.ex5 file(s) into the Indicators folder.
    • Restart the MetaTrader 5 platform.

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