Support and Resistance Flexible Bars
- Indicators
- Vladimir Karputov
- Version: 1.10
- Updated: 1 March 2024
- Activations: 5
Indicator shows "Support" and "Resistance" lines (these lines are drawn using the DRAW_LINE drawing style - that is, they are not graphic objects).
A search for new minimums and maximums is performed to the left and right of the "signal bar" - the "signal bar" is the conventional middle of each new construction.
Why is the word Flexible in the name of the indicator? Because we have the possibility to specify different number of bars to the left ('Left Bars') and to the right ('Right Bars') of the "signal bar".
Indicator lines are drawn on the chart from the "signal bar" to the right on the "Right Bars" bars.
Features :
For a more beautiful display in the indicator, two "Support" buffers and two "Resistance" buffers are used (this technical solution is related to the limitations of drawing styles in MQL5).
What may appear in the future :
Sound alert or (and) new indicator buffers (Arrow).
How to use the indicator :
This indicator was created primarily for manual trading, so the user only needs to monitor the two indicator buffers "Support" and "Resistance", as well as the current price. Particular attention should be paid to the moments when the price breaks through the indicator line and then returns (after several bars).