Support_Resistance v1
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The SUPRESMultiFrame script is a sophisticated technical analysis tool designed to identify and visualize key price levels—specifically support and resistance zones—across multiple timeframes. Instead of simply plotting moving averages or basic lines, this script analyzes historical price action to determine where the market has previously struggled to break through, providing a visual map of significant "floors" and "ceilings."
Core Operational Logic
1. Multi-Timeframe Data Processing The script is designed to look beyond the immediate chart view. It scans historical data based on a user-defined timeframe. By looking at larger timeframes, it captures significant price structures that might be invisible on shorter, more volatile charts.
2. Dynamic Support and Resistance Identification The logic works by scanning a specific depth of recent bars to find local "highs" (potential resistance) and "lows" (potential support). It doesn't just mark every peak; it uses a set of filters to ensure the levels are significant:
- Deviation Filtering: It ignores minor price fluctuations, ensuring that only meaningful price movements are considered for potential support or resistance.
- Backstep Validation: The script checks nearby price points to ensure a level is "clean." If a price point was higher or lower than a neighboring confirmed level within a specific range, the script rejects it as an insignificant fluctuation.
3. Conflict Resolution and Filtering A unique feature of this logic is how it handles overlapping levels. The script performs a "cutting" process:
- If multiple resistance levels are found in close proximity, the script prioritizes the highest one.
- If multiple support levels are found, it prioritizes the lowest one. This prevents the chart from becoming cluttered with redundant lines, ensuring that only the most relevant price boundaries are displayed to the user.
4. Dynamic Object Management The script automatically manages the visual elements on your trading platform:
- Auto-Cleanup: It is programmed to remove old or irrelevant lines as new price action develops, keeping the chart tidy and up-to-date.
- Visual Consistency: It draws these levels as "Trend" objects with specific colors, widths, and styles that can be customized by the user.
- Ray Projection: The identified levels are projected forward as rays, allowing traders to see where current support or resistance might hold in future price movements.
Summary for the User
Essentially, this script acts as a "structural map" for the market. It automatically scans the history of your chosen timeframe, filters out the market "noise," identifies the strongest price boundaries, and draws them clearly on your chart. This allows you to see where the market is likely to react or stall without having to manually hunt for historical peaks and valleys.
Price Data Components
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Support_Resistance v1
//+------------------------------------------------------------------+
//| 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 LineColor=Red;
extern int linewidth = 1;
extern int linestyle = 2;
//-----------------------
double ExtMapBuffer[];
double ExtMapBuffer2[];
int SUPRESCount=0;
//int linewidth,linestyle;
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);
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]= 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_STYLE,linestyle);
ObjectSet(ObjectNames[i],OBJPROP_COLOR,LineColor);
ObjectSet(ObjectNames[i],OBJPROP_RAY,True);
ObjectSetText(ObjectNames[i],ObjectNames[i]);
}
}
return(0);
}
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