Custom Support And Resistance Indicator For MT4 Forex

Support and Resistance, I find to be the most reliable future prediction in the market place. Price tends to gravitate towards previous highs and previous lows. It offers a good area to watch for breaks and pull backs to create an entry. Similar to trend lines, price usually has a a difficult time penetrating these levels. Take a look at the picture to let your mind wrap around how price reacts to previous tops and bottoms/ highs and lows.  

To implement this indicator into your trading platform, I have provided the code below:

For those that need instructions:
1.Open up MetaEditor through the MT4 terminal
2.Click on "File" ---> New
3.Choose Customer Indicator
4. Click "Next"
5. Put in desired indicator name
6. Click "Next"
7. DO NOT select "Indicator in separate window"
8. Click "Finish"
9. Delete the generic code
10.Copy the code below
11. Paste the code
12. Compile it to make sure it has not errors/warning
13. Should be zero errors/warning
14. Save
15. Restart MT4 terminal ---> You should now have your new indicator under the custom indicator heading and able to attach it to any chart.

~If you would like an easier and faster way to put this MT4 code into your MT4 platform Scroll to the very very very bottom of this page. ~

Code ( I do not own this code/ indicator. This is an indicator that I personally use)

Copy everything below by left clicking and scrolling to the bottom of this code then press ctrl-c to copy selected code >>>>

//+------------------------------------------------------------------+

//| SUPRESMultiFrame.mq4 |

//| |

//| RD |

//+------------------------------------------------------------------+

#property copyright "RD"

#property link "marynarz15@wp.pl"

#property indicator_chart_window

#define MaxObject 1000

//---- indicator parameters

extern int TimeFrame=15;

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*/);

}

}

}

<<<<<< END OF CODE, PRESS CONTROL (ctrl) -C to copy highlighted code

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This was recorded with my cellphone, so pardon the horrible sound and crappy video quality.