RES-SUP - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources

Two pairs of support and resistance levels based on the timeframe candlesticks specified in the input parameters.

Level calculation formula:

Res2 = (lowest price + highest price + closing price) / 3 + (highest price - lowest price) * 0.618

Res1 = (lowest price + highest price + closing price) / 3 + (highest price - lowest price) * 0.5

Sup1 = (lowest price + highest price + closing price) / 3 - (highest price - lowest price) * 0.5

Sup2 = (lowest price + highest price + closing price) / 3 - (highest price - lowest price) * 0.618

The indicator was first implemented in MQL4 and published in the code base of mql4.com on January 30, 2008.

RES-SUP indicator

Attachment download

📎 res-sup.mq5 (9.68 KB)

Source: MQL5 #1956