support resistance indicator

use Wisdomsoft's screenhunter to capture a screen shot, I have no idea what error your getting, so I cannot attempt to correct. If you don't have it, Google it.

most recent update to my Auto TL indicator...

sup res level indies

does anyone use this indicator or know how it works
S_R_lines

Attached is another SR indicator. The concept is clever enough, but for the end result to be useful, you must select the parameters carefully for each chart situation.

David

Todd, I don't know how it works, but if you change to a line (instead of a bar/candle) chart, it appears that the S/R points are projected from candle closes rather than highs/lows.

Increasing the lineIndex parameter seems to progressively remove S/R lines on the chart.

Even considering all of this, IMHO the indicator isn't that useful, as it displays only some of the important S/R points, while inexplicably leaving out others. I'm too busy with other (paid) work, to unravel the source code to find out why.

David

Randomlight,

I also follow the same methods as you do. I have been using level_trading_123 for quite some time after reading Nobrains trading thread.
I am happy with it so far but if you have found something better than that please do share with us.

level-trading-123 also helps nail 1-2-3 pattern and waves quite efficiently . But you have to watch live as it ignores smaller candles in 123 pattern formation and use your discretion to act on it.

Inside the code is says:

///////////////////////////////////////////////////////
// George Egroeg (C) 2006 e-m: egro1egro at yahoo dot com
// aka "egro1egro"
//
// "Support/resistance lines" Version 3.0
//
///////////////////////////////////////////////////////
// The package contains two files:
// 1. S_R_lines.mq4 (script) should be placed into experts/indicators folder
// 2. S_R_lines.tpl (chart template) should be placed into templates folder
///////////////////////////////////////////////////////
// This indicator has only one parameter: lineIndex = 1,...,20
// In order to make it work you will have to place 20 indicators
// all with different parameter values. A chart template
// with 20 indicators of this type is included for
// your convenience.
//
// There are two global variable that you might want to set before running this script:
//
// "sr_last_screens" - number of last screens to start drawing s/r lines from
// One screen is assumed to have 150 bars/candles
// If you specify global value 2 it will mean that 300 candles back s/r lines
// can be started only. Using this parameter should improve performance significantly.
//
// "sr_spread_multiple" - number of (Bid-Ask) spreads to use as a delta when merging two s/r
// lines together. If you specify value 2 and current spread is 0.0003 then two lines within
// 6 pips will be merged into one. You might want to increase this parameter if you are
// planning to use bigger time-frames (for instance, for hourly charts you might need 5-10
// spreads to use as a delta in order to unclutter the screen). By default, it is set to 1.5 spreads.
//
// !!! After applying global variables or after recompiling this script it is necessary to
// de-select the chart template and then select it again to apply a new.
//
// Also, some parameters are defined as constants in the code
// and can be changed sensibly. These parameters cannot be made external
// because they need to be exactly the same on all instances of the indicator.
//
// MAX_NUM_LINES is a number of indicators on a chart
// If you think that 20 is overkill try to reduce this constant and
// accordingly delete some of the indicators from the chart template
// It might be enough to have 10, but if you notice that some lines are
// not drawn where they should be - increase the number (make it even bigger than 20)
// The point is - always maintain the same number of indicators
// on the chart al with different indices
//
// MAX_PERCENT_OUT is how far from the last price potential s/r lines
// should be maintained (I think 3% is quite enough for intraday, but...)
//
// DELTA_PERIODS a number of candles/bars after which s/r lines "expire"
// indicator script discards old line and stops drawing them to the right.
//
// DEFAULT_NUM_SCREENS how many screens back shell we start the first s/r line
// if the global variable "sr_last_screens" is not defined or invalid
///////////////////////////////////////////////////////

hi i have downloaded your indicator and good working but i read template also there . is it possible to share that one too

I like the S_R Lines indicator. Confused about the meaning of the colors though. In inputs it only shows red and green, but on my screen there is Green, Red and Dark Pink.

I m using Price Action Tracker, displays major S/R and many other Pivot points

update level trading

hi guys i'm new to this forum. I found this indicator. In my opinion it is really good for plotting supports and resistances. I would like to customize it and I would need mql4. Do you have any idea what indicator it is? Does mql4 exist?

[quote = lanariro; 13739288] hola chicos, soy nuevo en este foro. Encontré este indicador. En mi opinión es muy bueno para trazar apoyos y resistencias. Me gustaría personalizarlo y necesitaría mql4. ¿Tienes idea de qué indicador es? ¿Existe mql4? {imagen} [/ cita]

WOW!
Thank you very much!!!!!!!