MT5 indicator for recent swing high an lows (support and resistance lines)

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1

Hey,

I am new here, so hi! Also, I am new to FOREX trading.

Reading on NickB’s 4H Scalping Method (I am not yet allowed to include links, you find it in the forum), I was wondering: It should not be to difficult to write an MT5 indicator showing the recent swing highs and lows. Googling on the question, I did not find somehting fitting this.

Has anyone experience with this? Are there reasons why this should not work?
Anything that exists that I might have overseen? Otherwise I would try to implement it myself. A first attempt would be to just draw the extremes of the ZickZack indicator …

best regards,
Nathan

2

Hey,

Mmh, nobody seems to be interested. Anyhow, I did a first version of the indicator. You can download it here:
dl.dropboxusercontent.com/u/2112946/RecentHighAndLows.ex5.
It is an https link. I am very sorry, I am not yet allowed to post links :(.

It finds highs and lows (extremums) according to the folloing criteria:

  • It must not occure earlier than “histLength” bars before the last bar
  • The extremum value must be higher (lower) than the according value of its neighbors.
  • For a maximum walking in any direction from the extremum there must be a bar with a high of at least “minOppossiteDirPipMove” pips less then the maximums high before there is any bar with a high higher by “significantPipDifference”. For a minimum it is the other way around.
  • The value of the extremum may not be crossed more than “maxCrosses” times.

I hope my description is clear. If not, ask!

I would appreciate it, if interested people would try it out and tell me, if the given highs and lows fit to what they would expect or do by hand.

best regards,
Nathan

3

If you’re using MT4, look under Indicators > Bill Williams > Fractals. It’ll mark the most prominent highs and lows on your chart.

edit: just realised that you’re using MT5. I’m not sure if MT5 comes with this indicator. :frowning:

4

Hey,

Thanks for the tip! There is a fractal indicator for MT5 and it shows highs and lows.
Did you try out that indicator? It does not have any parameters, and there are some highs and lows I am not sure about. To me it seems it shows way to many extremums, and there is no description of the indicator.