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While manual trading you have to keep an eye on the values of several indicators. It is a little bit different from mechanical trading. If you have two or three indicators and you have chosen a one timeframe for trading, it is not a complicated task. But what will you do if you have five or six indicators and your trading strategy requires considering the signals on the several timeframes?
How to create "voice" indicators for daily usage.
The article deals with detecting and indicating Support/Resistance Levels in the MetaTrader 4 program. The convenient and universal indicator is based on a simple algorithm. The article also tackles such a useful topic as creation of a simple indicator that can display results from different timeframes in one workspace.
This article describes the process of creating a simple script for detecting the support/resistance levels. It is written for beginners, so you can find the detailed explanation of every stage of the process. However, though the script is very simple, the article will be also useful for advanced traders and the users of the MetaTrader 4 platform. It contains the examples of the data export into the tabular format, the import of the table to Microsoft Excel and plotting the charts for the further detailed analysis.