Automatic Parabolic Support and Resistance Levels Indicator – indicator MetaTrader 4
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This indi will draw the levels and then delete if older than your selected bars. The turn is calculated on above/below opens not closes as that seems to get most of the turns and this makes it slightly different than just the dots from a programing point of view.
I prepared a video to show it in use with Bollinger bands as this seemed to illustrate how the indi worked quite well. You can have a look if you like here>>. Parabolic S&R Levels Video.
Very basically the more previous crosses in bars past that are close together show the strength of the resistance/support level. I have noticed that price tends to want to break
into clear ground which is easy to see as clear chart area.
Drag and Drop Support and Resistance "segment lines"… NEW REVISION: ********************* DROP_RESISTANCE_SEGMENT_LINE_Rev1 and DROP_SUPPORT_SEGMENT_LINE_Rev1: Both scripts have been revised. With the new revision the scripts will work also…
Drag and Drop Support and Resistance lines with… NEW REVISION:*********************DROP_RESISTANCE_LINE_Rev1 and DROP_SUPPORT_LINE_Rev1: Both scripts have been revised. With the new revision the scripts will work also when MT4…
