It's called Multi S&R because it has multiple indicator choices, can be used on multiple time frames, and multiple instances of the indicator can be loaded onto the same chart without conflict.
The logic: whenever the chosen indicator crosses the user set levels inwards, a support or resistance line is drawn.
Source options: ADX, AO, ATR, CCI, MFI, RSI, StdDevEMA, StdDevSMA.
Example with default levels (70,30):
--if the RSI is 75 and on the next bar the RSI is 68, then an active resistance line is drawn. This line will continue to draw until price closes above it, becoming a broken resistance line.
--if the RSI is 25 and on the next bar the RSI is 33, then an active support line is drawn. This line will continue to draw until price closes below it, becoming a broken support line.
This indicator was created at the request of Ramzam. I made a new thread because I am open to suggestions for this indicator (MT4).
--> Update: Version 2.0 has been rewritten for performance and now will run very fast using less computer resources; timeframe changes are now instant.
The logic: whenever the chosen indicator crosses the user set levels inwards, a support or resistance line is drawn.
Source options: ADX, AO, ATR, CCI, MFI, RSI, StdDevEMA, StdDevSMA.
Example with default levels (70,30):
--if the RSI is 75 and on the next bar the RSI is 68, then an active resistance line is drawn. This line will continue to draw until price closes above it, becoming a broken resistance line.
--if the RSI is 25 and on the next bar the RSI is 33, then an active support line is drawn. This line will continue to draw until price closes below it, becoming a broken support line.
This indicator was created at the request of Ramzam. I made a new thread because I am open to suggestions for this indicator (MT4).
--> Update: Version 2.0 has been rewritten for performance and now will run very fast using less computer resources; timeframe changes are now instant.
Attached Image (click to enlarge)
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