How do I install this Indicator on MetaTrader 5?

Download the file, open MetaTrader 5 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Indicator?

Drag the Indicator from the Navigator onto your chart and adjust the input parameters as needed.

Is this compatible with MetaTrader 5?

Yes, this Indicator is built specifically for MetaTrader 5.

Is this Indicator safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Indicator on multiple charts?

Yes, you can apply multiple indicators on the same chart.

Can I customize the settings of this Indicator?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free support and resistance indicator for mq l5 Indicator for MetaTrader 5

MetaTrader 5 indicator

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support and resistance indicator for mq l5

Info

The support and resistance indicator for mq l5 is a Indicator for MetaTrader 5 that the basic idea behind the indicator is to check for bouncebacks between support and resistance levels. there are two input parameters: period and overlook.

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 support and resistance indicator for mq l5

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 basic idea behind the indicator is to check for bouncebacks between support and 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 basic idea behind the indicator is to check for bouncebacks between support and resistance levels. there are two input parameters: period and overlook. a support level is the lowest low in the last period bars if this value is equal to the lowest low of the last period+overlook bars. a resistance level is the highest high in the last period bars if it is equal to the highest high of the last period+overlook bars. if there are both support and resistance levels and a bounceback happens (price is between these levels) the support and resistance levels will be displayed on the chart.

Also recommended: support and resistance detection with zig zag - similar indicator with strong performance on MetaTrader 5.

in the original indicator the i integer runs from period+overlook until rates_total, so the for cycle is for(i = rates_total-3;i<rates_total;i++). but for some reason i had to change that to validate my code.

You may also like: snr sentinel: adaptive support & resistance indicator for mt5 - excellent alternative for indicator users on MetaTrader 5.

Source Code

#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version   "1.00"
#property strict
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 2
#property indicator_label1 "Support"
#property indicator_label2 "Resistance"
#property indicator_type1 DRAW_LINE

.......

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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.