![schnick [Support Vector Machine Learning Tool Tester] Metatrader 5 expert](https://code.robotfx.org/images/1370.webp)
Specific Support and Resistance Indicator
Info
The Specific Support and Resistance Indicator is a Indicator for MetaTrader 4 that displays lines of support and resistance. The indicator features support and resistance lines set at 10 levels each.
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 Specific Support and Resistance Indicator
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
Displays lines of 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.
Displays lines of support and resistance.Also recommended: fibonacci support and resistance indicator - similar indicator with strong performance on MetaTrader 4.
The indicator features support and resistance lines set at 10 levels each. It functions across all timeframes and effectively indicates consolidation, resistance, and support levels, allowing for inference about the price stage.
To ensure proper functionality, please download the files "mw_zigzag.ex4" and "high_low v2.ex4" and place them in the Experts\Indicators folder. Only run the "mw_zigzag.ex4" file on the chart.
White lines represent resistance levels (res), and yellow lines represent support levels (sup). Hovering the cursor over a line will highlight it. For example, hovering over "res10" will highlight the most recent resistance line. The same applies to support lines.
The lines are labeled from "res10" down to "res1" for resistance (where "res1" is the oldest) and "sup10" down to "sup1" for support (where "sup1" is the oldest). It is recommended not to change the indicator properties of "mw_zigzag.ex4".
You may also like: automatic parabolic support and resistance levels indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 darkturquoise
#property indicator_color2 yellow
extern int extdepth=12;
extern int extdeviation=5;
extern int extbackstep=3;
extern int barn=300;
extern int length=6;
double ma;.......
⚠ 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.