Dynamic Auto Support and Resistance Indicator
Info
The Dynamic Auto Support and Resistance Indicator is a Indicator for MetaTrader 5 that this technical indicator automatically identifies and draws support and resistance levels based on price action. It scans the market across any currency pair and any timeframe to detect significant price zones.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Dynamic Auto 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
This technical indicator automatically identifies and draws support and resistance levels based on price action.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: dynamic fair value gap (fvg) indicator for metatrader 5 - another powerful indicator for MetaTrader 5 traders.
This technical indicator automatically identifies and draws support and resistance levels based on price action. It scans the market across any currency pair and any timeframe to detect significant price zones. When a bar is not excessively large, the indicator looks back to find other bars within the same price range. If sufficient candles are detected within the specified criteria, lines are drawn at that price level. These lines extend until a new significant price zone is identified. Input Parameters: inpbacklook: Defines the number of preceding candles to scan for detecting other candles within the same price range. The recommended range is from 5 to a higher value (xxxx). inpaccurency: Sets the required percentage (10.0 - 100.0) of candles within the backlook range that must match the detection criteria.Also recommended: institutional kalman filter: dynamic true price estimation - similar indicator with strong performance on MetaTrader 5.
You may also like: fair value gap auto-detector for smart money concepts trading - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 2
#property indicator_type1 draw_arrow
#property indicator_type2 draw_arrow
#property indicator_width1 1
#property indicator_width2 1.......
⚠ 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.