MT5 support and resistance indicator

[kapo2000]

Hi Apprentice, I was wondering if it is possible to create an indicator for MT5 which draws horizontal support and resistance lines of any colour across the entire width of any symbol's price chart and which displays the support/resistance level price on the price axis, where a support/resistance is precisely defined as a level which the price has touched 2 or more times in the past in a reasonably precise manner. And the support and resistance levels would be drawn for all timeframes which are greater than or equal to the one you're in - for example, if I was in the daily timeframe, then there would be support and resistance lines for the daily, weekly and monthly timeframes and displayed the daily chart. Another example - if I was in the 4 hour timeframe, there would be support and resistance lines for the 4H, 6H, 8H, 12H, daily, weekly and monthly timeframes displayed in the 4 hour chart.

If you could create this indicator, my goodness! It would be the biggest time-saver in the world, and literally every MT5 user would want to use it - I promise you 1000% that I would share this indicator in the MQL5 forum so that everyone can benefit from this magic. And I would absolutely love for this indicator to be made public on this site, the more people that can benefit from it the better!

I cannot thank you enough for your work Apprentice!

[Apprentice]

Your request is added to the development list.
Development reference 1604.

[Apprentice]

Our team do not understand how to calculate these support/resistance levels
Can you provide more info for them, maybe provide a chart example.

[kapo2000]

Of course:

I would like an indicator for MT5 which draws horizontal support/resistance lines of any colour (i.e. I can choose the colour) across the entire width of any symbol's price chart (e.g. forex, commodities, futures) and which displays the support/resistance level prices on the price axis (i.e. the y axis).

A support/resistance level is precisely defined as a level which the price has TOUCHED (i.e. touched with the ends of the candlestick wicks) 2 or more times in the past, where the maximum distance between the lowest price touch and highest price touch is 2 pips. Then, the support/resistance line would be drawn through the average price of the touches. For example, if one candlestick wick touched the price 0.65618, another candlestick wick touched 0.65626 and another touched 0.65638, then the support/resistance line would be drawn at the price which is the average of 0.65618, 0.65626 and 0.65638, so at 0.65627. Also note that the difference between the lowest and highest price touches is 2 pips, since 0.65638 - 0.65618 = 0.0002, so this would satisfy the conditions of the indicator as 2 pips is the maximum distance.

And the support/resistance levels would be drawn for all timeframes which are greater than or equal to the one you are currently viewing - for example, I would be able to view AUDUSD support/resistance lines for the Daily, Weekly and Monthly timeframes in the AUDUSD Daily timeframe chart that I am currently viewing.

Another example - I would be able to view EURUSD support/resistance lines for the 4 hour, 6 hour, 8 hour, 12 hour, Daily, Weekly and Monthly timeframes in the EURUSD 4 hour timeframe chart that I am currently viewing.

I have attached a couple of screenshot chart examples too - let me know if you would like more.

Thanks a lot, Charlie

[Apprentice]

If we have candle low,
and in last x candles, we have another low y pips within the first,
the support line will be drawn.
(if the line was not broken)

Vice versa for resistance.

Can you confirm?

[Apprentice]

Something like this?
viewtopic.php?f=38&t=70653

[kapo2000]

Hi Mario,

Yes something like that, but after downloading it and trying it out, is it a coincidence that the support/resistance levels on every price chart I look at are drawn at the high and low of the last candle on the chart? If so, I don't think this is exactly what I am looking for as the indicator does not pick up some major support/resistance levels on each chart. I have attached a couple of screenshots to show you what I mean (s/r levels from indicator are orange).

Thanks, Charlie

[Apprentice]

Can you please examine TS2 option available for conversion ideas?
viewforum.php?f=17

[kapo2000]

Hi Mario,

Which specific trade station 2 options would you like me to look at for conversion ideas? The link you provided just takes me to the main page of the custom indicator section of the site.

Also, regarding your previous post:

"If we have candle low,
and in last x candles, we have another low y pips within the first,
the support line will be drawn.
(if the line was not broken)

Vice versa for resistance.

Can you confirm?"

This is exactly what I want EXCEPT the line is permitted to have been broken in the past if that makes sense, and each line can be drawn based on BOTH candle highs AND lows as long as the highs and lows are X pips within the first. Thus, the lines would not strictly be called support lines or resistance lines, rather a hybrid of the two such as support/resistance lines since drawing each line would be conditional on both candle highs AND lows being within X pips within the first high or low.

Let me know if you need a chart example to visualise what I mean.

Thanks a lot, Charlie

[Apprentice]

To test or review some of TS2 support and resistance indicators we have.