RV R Resistance
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 RV R 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.
Description & Settings
Indicator RVR Price Resistance oscillator based on indicator shows in a separate window, as a histogram, the candlestick size / tick volume ratios by two parameters:
Difference between Open and Close;
Difference between High and Low.
It also displays a signal line plotted by the method of smoothing the histogram values.
The color of the histogram columns can be displayed by two methods:
By the value of the previous column. If the previous column is above the signal line, then the color is green. Otherwise, it is orange;
One-color histogram - all columns are of one color. The indicator allows identifying the highest and the lowest price movement resistance by comparing the bar range (from Open to Close or from High to Low) to tick volume. Direct ratio (range/volume) allows identifying the lowest resitance, while the reverse ratio (volume/range) allows identifying the highest resistance against price changes.
It has seven input parameters:
Calculation type
- type of calculations:
Open/Close
- difference between Open and Close;
High/Low
- difference between High and Low.
Period
- smoothing period of the signal line;
Min points
- filter by the minimum candlestick size;
Min volume
- filter by the minimum bar volume;
MA Method
- signal line calculation method;
Colors setting
- color settings:
By previous bar position
- histogram column color by the value of the previous column;
One color
- one color.
Inverse
- reverse calculations (Yes/No), Yes - identifying the highest resistance, No - the lowest one.
Filtering by the minimum candlestick size and volume just excludes from the calculations the candlestick size and volume that are lower than the specified values in these settings. In such case, the values specified here are taken into account, not the real size and volume.
Calculations:
If Inverse = No:
If Inverse = Yes:
Fig.1. Calculating the lowest resistance by Open/Close
Fig.2. Calculating the lowest resistance by High/Low
Fig.3. Calculating the highest resistance by Open/Close (the higher the column is, the stronger the price change resistance is)
