Support and Resistance Indicator – indicator MetaTrader 4
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The main idea behind it is to search for support and resistance levels,becouse I could not fint any similar indicator. The support and resistance functions do exactly that. When calculating if both support and resistance levels exist, the indicator sdisplays them on the chrt and save their value, so that if the next price is between them, they will remain the same.
There are 2 input parameters : Period and overlook. The indicator searches for the highest and lowest price for which it is true that it is the highest/lowest in the last (period) bars and also the highest/lowest in the period+overlook bars. If it finds both a highest and a lowest value it displays it on the chart.
The i parameter running in the OnCalculate function should always run from period+overlook.
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…
