MetaTrader 4 β€£ MT4 Indicators β€£ Automatic Parabolic Support and Resistance Levels Indicator – indicator MetaTrader 4

Automatic Parabolic Support and Resistance Levels Indicator – indicator MetaTrader 4

This indi will draw the levels and then delete if older than your selected bars. The turn is calculated on above/below opens not closes as that seems to get most of the turns and this makes it slightly different than just the dots from a programing point of view.

I prepared a video to show it in use with Bollinger bands as this seemed to illustrate how the indi worked quite well. You can have a look if you like here>>. Parabolic S&R Levels Video.

Very basically the more previous crosses in bars past that are close together show the strength of the resistance/support level. I have noticed that price tends to want to break

into clear ground which is easy to see as clear chart area.

Alternative:   Making and Saving Graphic Charts from the MT5 Strategy Tester - library MetaTrader 5


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