I was recently browsing through the variety of of MetaTrader indicators for support and resistance levels. None of them ticked all of my boxes. Either they were not aesthetically pleasing (making a mess of my pristine charts) or they failed to produce what I consider to be reasonable levels. So, embracing my pioneering spirit, I set out to fashion my own indicator, one which will ultimately tick all of my boxes!
Sample output from v1.2 of my support-resistance indicator is shown below for the weekly chart of GBPUSD.
I am pretty happy with this as a starting point. At present it caters for
- up to 10 levels of either support or resistance;
- labelling of levels;
- only updating on new candle (reduces computation load).
There are some obvious refinements, which I will implement shortly. Foremost among these is the elimination of “trivial” levels (e.g., the first support level).