Specific support and resistance indicator
This professional-grade solution for MetaTrader 4 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
Marwi1
Displays lines of support and resistance.
Characterized in that the support line sets 10 and 10 of the line resistance. Works on all intervals and very well indicate compaction resistance and support levels from which you can infer what stage is the price. To work properly, download files, "MW_ZigZag.ex4" and "High_Low v2.ex4" which is written in the catalog expert / indicators /. The chart only run the file MW_ZigZag.ex4.
White lines are lines of resistance (Res), yellow lines are lines that support levels (Sup). After moving the cursor on the line, for example, highlights the Res10, then the last line of resistance, the same goes with the lines of support. The lines are labeled Res10 ... res1 - res1 is the oldest lines of resistance, Sup10, ... SUP1 - SUP1 is the oldest line of support. The "Properties" indicator "MW_ZigZag.ex4 should not be changed.
Image:
