WSO and WRO Channels - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
Indicator based on Mel Widner's "Automatic Support and Resistance" article on TASC.
This version displays the channels on the chart instead of displaying the oscillator values in a separate window. That way it can be effectively used for support and resistance handling.
Attachment download
📎wso_and_wro_channel.mq5 (7.78 KB)
Source: MQL5 #20590
WSO and WRO channels - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening recommendations
WSO and WRO channels - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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