Two pairs of support and resistance levels based on the candlesticks of the timeframe specified in the input parameters.
The formula for the calculation of the levels:
Res2 = ( Low + High + Close ) / 3 + ( High – Low ) * 0.618
Res1 = ( Low + High + Close ) / 3 + ( High – Low ) * 0.5
Sup1 = ( Low + High + Close ) / 3 – ( High – Low ) * 0.5
Sup2 = ( Low + High + Close ) / 3 – ( High – Low ) * 0.618
This indicator was first implemented in MQL4 and published in the Code Base at mql4.com on 30.01.2008.
MT5 Indicator – Download Instructions
RES-SUP is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
RES-SUP provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install RES-SUP.mq5?
- Download RES-SUP.mq5
- Copy RES-SUP.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on RES-SUP.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator RES-SUP.mq5 is available on your Chart
How to remove RES-SUP.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: