Supports & Resistances

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Supports & Resistances

Support Reisistance is an indicator that draws and reads automatically support and resistance levels like trendlines and fibonacci retracements to identify the most likely areas where the market could bounce and invert its direction. It's possible to read the indicator in an Expert Advisor.


General Description

The Indicator runs in all Brokers using Metatrader 4 platform and can be used in an Expert Advisor or as a support of manual trading.

Indicator Description

This indicator is composed by the OnChart and OnWindow parts:

  1. OnChart: Draws on chart the requested support and resistance lines:
    • Trendlines
    • Orizontal Levels
    • Fibonacci Retracements
    • Pivot Points
  2. OnWindow: The indicator divides the chart into 31 areas and counts the number of supports and resistances that pass through each area. The indicator gives to an Expert Advisor informations about:
    • What are the best Support and best Resistance Prices
    • The number of SR that pass through the actual price area
    • The number of resistances that pass above the price and the number of supports below the current price.
    • A comparison between the strength of the support areas and the resistance areas.

Product Description

The product is composed by:

  1. Support Resistance Indicator .ex4 format to forecast most likely turning prices of the market
  2. A readme.txt file containig the set of information to start using the indicator step by step
  3. Instructions.pdf containing the explanation of the input parameters and how to read the indicator in an Expert Advisor 
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