simple support and resistance
Info
The simple support and resistance is a Indicator for MetaTrader 4 that this is super simple starter code for anyone looking to work or build with support and resistance. it includes a mid-line which is calculated using the average of the support and resistance values.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use simple support and resistance
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
this is super simple starter code for anyone looking to work or build with support and resistance.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: actual resistance and support lines indicator - another powerful indicator for MetaTrader 4 traders.
this is super simple starter code for anyone looking to work or build with support and resistance. it includes a mid-line which is calculated using the average of the support and resistance values.
Also recommended: fibonacci support and resistance indicator - similar indicator with strong performance on MetaTrader 4.
the default setting for the number of bars to look back is 50. this can be updated by changing the value of "lookback" on the input tab.Source Code
#property strict
input int Lookback = 50;
double SupportBuffer[];
double ResistanceBuffer[];
double MidLineBuffer[];
int OnInit()
{
SetIndexBuffer(0,SupportBuffer);
SetIndexBuffer(1,ResistanceBuffer);
SetIndexBuffer(2,MidLineBuffer);.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.