Ind-WSO+WRO+Trend Line

Here's a breakdown of what this MetaTrader script does, explained without technical jargon:

This script is designed to identify potential support and resistance levels on a price chart and draw trend lines connecting them. Think of support levels as price floors where the price tends to bounce up, and resistance levels as price ceilings where the price struggles to break through.

Here's how it works step-by-step:

Setup: The script starts by setting up its basic parameters, including the period of time it will look back to analyze the data and also sets the colors for the support and resistance lines that will be drawn on the chart.
Finding Low and High Points: The script then looks at the price history over a set period. It identifies the lowest low and the highest high within that period. These points are considered potential support and resistance levels, respectively. The script lookback period is determined by the "nPeriod" parameter.
Remembering Past Levels: The script doesn't just look at the current lowest low and highest high. It remembers the previous five lowest lows and five highest highs it has found. It stores both the price and the time at which those lows and highs occurred.
Drawing Lines: Finally, the script draws horizontal lines on the chart at the price levels of these past lows and highs. It also draws trend lines connecting recent support and resistance levels. These lines visually represent where the price has previously struggled or found support, providing clues about potential future price movements. The red lines are for resistance and blue lines are for support.

In summary, this script automates the process of identifying potential support and resistance levels on a price chart, making it easier to spot potential buying or selling opportunities. It does this by finding the lowest and highest prices over a certain time, remembering past levels, and drawing lines to highlight these areas on the chart.

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Ind-WSO+WRO+Trend Line

//+------------------------------------------------------------------+
//|                                       Ind-WSO+WRO+Trend Line.mq4 |
//|                    Copyright © 2004, http://www.expert-mt4.nm.ru |
//|                                      http://www.expert-mt4.nm.ru |
//| Èíäèêàòîð áûë ðàçðàáîòàí íà îñíîâå èíäèêàòîðà Widners Oscilator. |
//| Ìíîþ áûëà ðàçðàáîòàíà òîðãîâàÿ ñòðàòåãèÿ, îñíîâàííàÿ íà          |
//| ïîêàçàíèÿõ Ind-WSO+WRO+Trend Line èíäèêàòîðà. Ïîäðîáíîñòè        |
//| âû ìîæåòå óçíàòü â ôîðóìå íà ìîåì ñàéòå                          |
//| http://www.expert-mt4.nm.ru/forum.dhtml                          |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2004, http://www.expert-mt4.nm.ru"
#property link      "http://www.expert-mt4.nm.ru"

#property indicator_chart_window
//---- input parameters
extern int nPeriod=9;
extern int Limit=350;
///---- int Widners Oscilator
int cnt,nCurBar=0;

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
//---- Output in Char
   for(cnt=0; cnt<=5; cnt++)
    {
      ObjectCreate("WSO-"+cnt,OBJ_HLINE,0,0,0);
      ObjectSet("WSO-"+cnt,OBJPROP_COLOR,Red);
   if(cnt<5)
      {
      ObjectCreate("Trend DN-"+cnt,OBJ_TREND,0,0,0,0,0);
      ObjectSet("Trend DN-"+cnt,OBJPROP_COLOR,Red);
      }
//----
      ObjectCreate("WRO-"+cnt,OBJ_HLINE,0,0,0);
      ObjectSet("WRO-"+cnt,OBJPROP_COLOR,Blue);
   if(cnt<5)
      {
      ObjectCreate("Trend UP-"+cnt,OBJ_TREND,0,0,0,0,0);
      ObjectSet("Trend Up-"+cnt,OBJPROP_COLOR,Blue);
      }
    
    ObjectSet("Trend DN-0",OBJPROP_COLOR,Maroon);
    ObjectSet("Trend Up-0",OBJPROP_COLOR,Green);
    }
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//---- TODO: add your code here
   for(cnt=0; cnt<=5; cnt++)
      {
      ObjectDelete("Trend UP-"+cnt);
      ObjectDelete("Trend DN-"+cnt);
      ObjectDelete("WSO-"+cnt);
      ObjectDelete("WRO-"+cnt);
      }
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
//---- TODO: add your code here
   double r1,r2,r3,r4,r5,r6;
   int rt1,rt2,rt3,rt4,rt5,rt6;
   double s1,s2,s3,s4,s5,s6;
   int st1,st2,st3,st4,st5,st6;
//---- Ëèíèè ñîïðîòèâëåíèÿ è ïîääåðæêè
if(Bars<Limit) Limit=Bars-nPeriod;
for(nCurBar=Limit; nCurBar>0; nCurBar--)
   {
   if(Low[nCurBar+(nPeriod-1)/2] == Low[Lowest(NULL,0,MODE_LOW,nPeriod,nCurBar)])
      {
      s6=s5; s5=s4; s4=s3; s3=s2; s2=s1; s1=Low[nCurBar+(nPeriod-1)/2];
      st6=st5; st5=st4; st4=st3; st3=st2; st2=st1; st1=nCurBar+(nPeriod-1)/2;
      }
   if(High[nCurBar+(nPeriod-1)/2] == High[Highest(NULL,0,MODE_HIGH,nPeriod,nCurBar)])
      {
      r6=r5; r5=r4; r4=r3; r3=r2; r2=r1; r1=High[nCurBar+(nPeriod-1)/2];
      rt6=rt5; rt5=rt4; rt4=rt3; rt3=rt2; rt2=rt1; rt1=nCurBar+(nPeriod-1)/2;
      }
   }
//---- Move Object in Chart
ObjectMove("WSO-0",0,Time[st1],s1);
ObjectMove("Trend DN-0",1,Time[st1],s1);
ObjectMove("Trend DN-0",0,Time[st2],s2);
ObjectMove("WSO-1",0,Time[st2],s2);
ObjectMove("Trend DN-1",1,Time[st2],s2);
ObjectMove("Trend DN-1",0,Time[st3],s3);
ObjectMove("WSO-2",0,Time[st3],s3);
ObjectMove("Trend DN-2",1,Time[st3],s3);
ObjectMove("Trend DN-2",0,Time[st4],s4);
ObjectMove("WSO-3",0,Time[st4],s4);
ObjectMove("Trend DN-3",1,Time[st4],s4);
ObjectMove("Trend DN-3",0,Time[st5],s5);
ObjectMove("WSO-4",0,Time[st5],s5);
ObjectMove("Trend DN-4",1,Time[st5],s5);
ObjectMove("Trend DN-4",0,Time[st6],s6);
ObjectMove("WSO-5",0,Time[st6],s6);
//----
ObjectMove("WRO-0",0,Time[rt1],r1);
ObjectMove("Trend UP-0",1,Time[rt1],r1);
ObjectMove("Trend UP-0",0,Time[rt2],r2);
ObjectMove("WRO-1",0,Time[rt2],r2);
ObjectMove("Trend UP-1",1,Time[rt2],r2);
ObjectMove("Trend UP-1",0,Time[rt3],r3);
ObjectMove("WRO-2",0,Time[rt3],r3);
ObjectMove("Trend UP-2",1,Time[rt3],r3);
ObjectMove("Trend UP-2",0,Time[rt4],r4);
ObjectMove("WRO-3",0,Time[rt4],r4);
ObjectMove("Trend UP-3",1,Time[rt4],r4);
ObjectMove("Trend UP-3",0,Time[rt5],r5);
ObjectMove("WRO-4",0,Time[rt5],r5);
ObjectMove("Trend UP-4",1,Time[rt5],r5);
ObjectMove("Trend UP-4",0,Time[rt6],r6);
ObjectMove("WRO-5",0,Time[rt6],r6);
//----
   return(0);
  }
//+------------------------------------------------------------------+

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Ind-WSO+WRO+Trend Line

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