If you're looking to enhance your trading strategy, understanding support and resistance levels is crucial. The Support and Resistance Indicator for MQL5 is designed to help you spot bouncebacks between these key levels effectively.
The core functionality of this indicator revolves around two main input parameters: period and overlook. Essentially, a support level is identified as the lowest low over the specified period, provided this value matches the lowest low of the last period plus the overlook bars. Conversely, a resistance level is determined as the highest high within the same timeframe, contingent upon it equaling the highest high of the last period plus the overlook bars.
When both support and resistance levels are established, and a bounceback occurs (meaning the price is fluctuating between these levels), you’ll see both levels highlighted directly on your chart. This visual representation can significantly aid in making informed trading decisions.
In the original coding of the indicator, the integer 'i' iterates from period + overlook to rates_total, which is structured as for(i = rates_total - 3; i < rates_total; i++). However, I found it necessary to modify this segment to ensure my code functioned correctly.
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