WSP & WRO - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Indicator based on Mel Widner's "Automatic Support and Resistance" article on TASC.

Two oscillators are defined: WSO (Widner Support Oscillator) and WRO (Widner Resistive Oscillator).

WSO compares the current closing price to the six most recent support levels. The value range is 0 to 100. WSO = 0 indicates a close below all six support levels, and WSO = 100 indicates a current close above all six support levels. Changes in WSO indicate changes in support, either breaking old levels or building new ones. WSO is defined as:

A similar discussion applies to WRO. WRO compares the current closing price to the six most recent resistance levels. The value range is 0 to 100. WRO = 0 means the closing price is below all six resistance levels, WRO = 100 means the current closing price is above all six resistance levels. Changes in WRO indicate a change in resistance, either a breakout of old levels or the establishment of new levels. WRO is defined as follows:

Attachment download

📎 wso_and_wro.mq5 (9.04 KB)

Source: MQL5 #20589