SRM Cloud Indicator: Dynamic Support and Resistance Levels
Info
The SRM Cloud Indicator: Dynamic Support and Resistance Levels is a Indicator for MetaTrader 5 that srm cloud indicatorthis indicator calculates dynamic support and resistance levels based on bar open prices, average minimum swings, and standard deviation. It adapts to market volatility to project potential price boundaries.
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 SRM Cloud Indicator: Dynamic Support and Resistance Levels
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
SRM Cloud IndicatorThis indicator calculates dynamic support and resistance levels based on bar open prices, average minimum swings, and standard deviation.
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: ICT Kill Zones Indicator: Asian, London, New York in New York Time (2026) - another powerful indicator for MetaTrader 5 traders.
SRM Cloud IndicatorAlso recommended: Market Structure BOS and CHoCH Indicator: Swing Points, No Repaint, Alerts - similar indicator with strong performance on MetaTrader 5.
This indicator calculates dynamic support and resistance levels based on bar open prices, average minimum swings, and standard deviation. It adapts to market volatility to project potential price boundaries.
Calculation Logic:
The core idea is to adjust the open price by incorporating the average minimum swing and its standard deviation, modified by coefficients, to determine resistance and support levels.
Resistance Level (R): R = open - k * av - k_std * std
Support Level (S): S = open + k * av + k_std * std
Where:
av = Average minimum swing from the open price over a specified period.
k = Coefficient for the average minimum swing.
std = Standard deviation of the minimum swing.
k_std = Multiplier coefficient for the standard deviation (configurable in settings).
Minimum Swing Definition:
The minimum swing relative to the open price for a day or week is the lesser of the distances (high - open) and (open - low).
Comparison to Other Methods:
Unlike methods like Larry Williams' Greatest Swing Value (GSV), this indicator utilizes all minimum swings within the defined period without excluding divergent bars.
Parameter Configuration:
The average swing value and its standard deviation are calculated over a user-defined period. The indicator then selects the combination of the average swing and standard deviation, scaled by the coefficient, that yields the largest value. This scaling factor can be adjusted in the indicator's settings. By default, it is set to one, meaning one standard deviation is added to the mean minimal swing.
Advanced Features:
User-definable period for calculations.
Built-in filter for weekend bars: Weekend bar data is merged with Monday's data. Support and resistance levels for Monday are calculated relative to the weekend bar's open price. Monday's high and low prices are used in calculations if they extend beyond the weekend bar's high and low, respectively.
The original version of this indicator was developed in MQL4 and published on 26.08.2026.
Figure 1. SRM Cloud Indicator Visualization
You may also like: Stop Distance Indicator: Bar Range and Suggested Stop Levels - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 1
#property indicator_type1 draw_filling
#property indicator_color1 clrpaleturquoise
#property indicator_label1 "srm_cloud"
enum applied_price_ // .......
⚠ 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.