Support Resistance
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This script is designed to automatically identify and visualize key Support and Resistance (S/R) levels on a trading chart. Rather than just highlighting random price points, it uses a multi-frame logic to find significant structural areas where the market has historically reacted.
Core Functionality
Multi-Timeframe Awareness The script is capable of analyzing specific timeframes (such as 5-minute, 1-hour, or daily charts). It allows you to choose which timeframe's data should be used to define the structural levels. By adjusting these settings, you can view "major" levels from higher timeframes while trading on a smaller one, helping to identify stronger areas of price interest.
Dynamic Support and Resistance Identification The logic scans historical price data to find local highs and lows within a user-defined depth. Instead of marking every single peak or valley, it uses a filtering system to ensure that only significant "turning points" are captured:
- Price Deviation: It checks if the price movement is significant enough to be considered a structural level.
- Backstep Validation: It compares current peaks with preceding data to ensure that a new level isn't just a minor fluctuation, but a distinct point of interest.
- Conflict Resolution: The script contains "cutting" logic that compares consecutive highs and lows. If a higher high or lower low is found in the same vicinity, it updates the visual data to reflect the most prominent level, effectively cleaning up the chart to prevent "clutter."
Visual Mapping and Management The tool doesn't just calculate numbers; it manages a dynamic visual environment on your chart:
- Color Coding: Different timeframes are assigned unique colors, making it easy to distinguish between various levels at a glance.
- Automatic Drawing: The script automatically draws trend lines (rays) extending from the identified price levels.
- Dynamic Cleanup: To keep your chart clean, the script includes an automated management system. It tracks existing objects and deletes outdated or redundant lines when new data is processed, ensuring that only the most relevant and current S/R levels remain visible.
User Experience
For a trader, this means the tool acts as an automated "scout." It looks back through the market history, identifies where the price has faced significant resistance or found solid support across multiple timeframes, and draws clear, colored lines on your chart. This helps in identifying potential zones for future price reactions without requiring the user to manually draw hundreds of lines.
Price Data Components
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Support Resistance
//+------------------------------------------------------------------+
//| SUPRESMultiFrame.mq4 |
//| |
//| RD |
//+------------------------------------------------------------------+
#property copyright "RD"
#property link "marynarz15@wp.pl"
#property indicator_chart_window
#define MaxObject 1000
//---- indicator parameters
extern int TimeFrame=5;
extern int BarsMax=144;
extern int ExtDepth=13;
extern int ExtDeviation=1;
extern int ExtBackstep=5;
extern bool DeleteObjectsOnExit=true;
extern color LineColor1=RosyBrown;
extern color LineColor5=Aqua;
extern color LineColor15=DeepPink;
extern color LineColor30=PaleVioletRed;
extern color LineColor60=Red;
extern color LineColor240=DarkOrange;
extern color LineColor1440=DeepSkyBlue;
extern color LineColor10080=Lime;
//-----------------------
double ExtMapBuffer[];
double ExtMapBuffer2[];
int SUPRESCount=0;
int linewidth;
string NamePattern;
color LineColor;
//+------------------------------------------------------------------+
//| Delete objects |
//+------------------------------------------------------------------+
int DeleteSupRes()
{
int ObjectCount=ObjectsTotal();
string names[MaxObject];
for (int i=0; i<ObjectCount;i++)
names[i]=ObjectName(i);
for (i=0; i<ObjectCount;i++)
{
string objname=names[i];
objname=StringSubstr(objname,0,StringLen(NamePattern));
if (objname!=NamePattern || ObjectType(names[i])!=OBJ_TREND)
names[i]="";
}
for (i=0; i<ObjectCount;i++)
{
if (names[i]!="") {
ObjectDelete(names[i]);}
}
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorBuffers(2);
SetIndexBuffer(0,ExtMapBuffer);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexEmptyValue(0,0.0);
ArraySetAsSeries(ExtMapBuffer,true);
ArraySetAsSeries(ExtMapBuffer2,true);
switch (TimeFrame)
{
case 1: linewidth=1; LineColor=LineColor1; break;
case 5: linewidth=1; LineColor=LineColor5; break;
case 15: linewidth=1; LineColor=LineColor15; break;
case 30: linewidth=1; LineColor=LineColor30; break;
case 60: linewidth=1; LineColor=LineColor60; break;
case 240: linewidth=1; LineColor=LineColor240; break;
case 1440: linewidth=1; LineColor=LineColor1440; break;
case 10080: linewidth=1; LineColor=LineColor10080; break;
default: linewidth=1; TimeFrame=Period(); break;
}
NamePattern=DoubleToStr(TimeFrame,0)+" SUPRES ";
if (BarsMax<55) BarsMax=55;
DeleteSupRes();
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
if (DeleteObjectsOnExit) DeleteSupRes();
return(0);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int start()
{
int shift, back,lasthighpos,lastlowpos;
double val,res;
double curlow,curhigh,lasthigh,lastlow;
string objectname;
if(BarsMax==0) {BarsMax=Bars/2;}// return(0);
for(shift=iBars(NULL,TimeFrame)-ExtDepth; shift>=0; shift--)
{
val=iLow(NULL,TimeFrame,Lowest(NULL,TimeFrame,MODE_LOW,ExtDepth,shift));
if(val==lastlow) val=0.0;
else
{
lastlow=val;
if((iLow(NULL,TimeFrame,shift)-val)>(ExtDeviation*Point)) val=0.0;
else
{
for(back=1; back<=ExtBackstep; back++)
{
res=ExtMapBuffer[shift+back];
if((res!=0)&&(res>val)) ExtMapBuffer[shift+back]=0.0;
}
}
}
ExtMapBuffer[shift]=val;
//--- high
val=iHigh(NULL,TimeFrame,Highest(NULL,TimeFrame,MODE_HIGH,ExtDepth,shift));
if(val==lasthigh) val=0.0;
else
{
lasthigh=val;
if((val-iHigh(NULL,TimeFrame,shift))>(ExtDeviation*Point)) val=0.0;
else
{
for(back=1; back<=ExtBackstep; back++)
{
res=ExtMapBuffer2[shift+back];
if((res!=0)&&(res<val)) ExtMapBuffer2[shift+back]=0.0;
}
}
}
ExtMapBuffer2[shift]=val;
}
// final cutting
lasthigh=-1; lasthighpos=-1;
lastlow=-1; lastlowpos=-1;
for(shift=iBars(NULL,TimeFrame)-ExtDepth; shift>=0; shift--)
{
curlow=ExtMapBuffer[shift];
curhigh=ExtMapBuffer2[shift];
if((curlow==0)&&(curhigh==0)) continue;
//---
if(curhigh!=0)
{
if(lasthigh>0)
{
if(lasthigh<curhigh) ExtMapBuffer2[lasthighpos]=0;
else ExtMapBuffer2[shift]=0;
}
//---
if(lasthigh<curhigh || lasthigh<0)
{
lasthigh=curhigh;
lasthighpos=shift;
}
lastlow=-1;
}
//----
if(curlow!=0)
{
if(lastlow>0)
{
if(lastlow>curlow) ExtMapBuffer[lastlowpos]=0;
else ExtMapBuffer[shift]=0;
}
//---
if((curlow<lastlow)||(lastlow<0))
{
lastlow=curlow;
lastlowpos=shift;
}
lasthigh=-1;
}
}
for(shift=iBars(NULL,TimeFrame)-1; shift>=0; shift--)
{
if(shift>=iBars(NULL,TimeFrame)-ExtDepth) ExtMapBuffer[shift]=0.0;
else
{
res=ExtMapBuffer2[shift];
if(res!=0.0) ExtMapBuffer[shift]=res;
}
}
///////////////////////// Lines creation /////////////////
int count=0;
double TempBufferPrice[MaxObject];
int TempBufferBar[MaxObject];
string ObjectNames[MaxObject];
//////////////////////// lists of lines //////////////////
for(shift=BarsMax; shift>0; shift--)
if (ExtMapBuffer[shift]>0)
{
count++;
TempBufferPrice[count-1]=ExtMapBuffer[shift];
TempBufferBar[count-1]=shift;
}
for(int i=0; i<count; i++)
ObjectNames[i]=TimeFrame+"m S/R("+i+")"/*DoubleToStr(TempBufferPrice[i],Digits)+" "+
TimeToStr(iTime(NULL,TimeFrame,TempBufferBar[i]),TIME_DATE|TIME_MINUTES)*/;
/////// deleting pending objects ///////////////
int ObjectForDeleteCount=0;
string ObjectsForDelete[MaxObject];
for(i=0; i<ObjectsTotal(); i++)
{
objectname=ObjectName(i);
if (StringSubstr(objectname,0,StringLen(NamePattern))==NamePattern)
{
ObjectForDeleteCount++;
ObjectsForDelete[ObjectForDeleteCount-1]=objectname;
}
}
for(i=0; i<count-2; i++)
{
objectname=ObjectNames[i];
for(int j=0; j<ObjectForDeleteCount; j++)
if(ObjectsForDelete[j]==objectname)
{
ObjectsForDelete[j]="";
break;
}
}
for(j=0; j<ObjectForDeleteCount; j++)
if (ObjectsForDelete[j]!="")
{
ObjectDelete(ObjectsForDelete[j]);
}
////////////// objects plotting /////////////////
for(i=0; i<count; i++)
{
if (ObjectFind(ObjectNames[i])==-1)
{
ObjectCreate(ObjectNames[i],OBJ_TREND,0,iTime(NULL,TimeFrame,TempBufferBar[i]),TempBufferPrice[i],
iTime(NULL,TimeFrame,TempBufferBar[i])+10080*60,TempBufferPrice[i]);
ObjectSet(ObjectNames[i],OBJPROP_WIDTH,linewidth);
ObjectSet(ObjectNames[i],OBJPROP_COLOR,LineColor);
ObjectSet(ObjectNames[i],OBJPROP_RAY,True);
ObjectSetText(ObjectNames[i],ObjectNames[i]+" "+DoubleToStr(TempBufferPrice[i],Digits),8,"Courier",LightSteelBlue);
}
}
}
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