Support and Resistance Indicators for MQL5 - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
The basic idea behind this indicator is to check for bounces between support and resistance levels. There are two input parameters: period and ignore. If the value is equal to the last period + the lowest low of the bar, then the support level is the lowest low of the last period bar. If the resistance level is equal to the high of the last period + the high of the bar ignoring the bar, then it is the high of the last period. If both support and resistance levels exist and a bounce occurs (price is between these levels), the support and resistance levels will show up on the chart.
In the original indicator, the i integer runs from period+overlook to rates_total, so the for loop is for(i = rates_total-3;i 📎 supportresistance.mq5 (4.98 KB) Source: MQL5 #45132 Attachment download
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