simple support resistance
Info
The simple support resistance is a Indicator for MetaTrader 5 that the indicator shows on a price chart possible support/resistance levels. calculation formula:wheremax, min - the highest and the lowest price in the range from (i-period) to (i-1) the indicator has two input parameters:period- calculation period (* the range for the calculation of maximum and minimum prices);lines length- the length of the support/resistance levels.
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 simple support 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
the indicator shows on a price chart possible support/resistance levels.
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: ATR Ranked Support and Resistance Zones - another powerful indicator for MetaTrader 5 traders.
the indicator shows on a price chart possible support/resistance levels.
Also recommended: support and resistance detection with zig zag - similar indicator with strong performance on MetaTrader 5.
calculation formula:where
max, min - the highest and the lowest price in the range from (i-period) to (i-1)
the indicator has two input parameters:
period
- calculation period (* the range for the calculation of maximum and minimum prices);
lines length
- the length of the support/resistance levels. * the larger the period, the wider the area between the support line and the resistance line.
fig.1. h1, period = 1
fig.2. h4, period = 3
fig.3. m5, period = 15 (default)
You may also like: snr sentinel: adaptive support & resistance indicator for mt5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.