Automatic Parabolic Support and Resistance Levels Indicator

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.

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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.

 

MT4 Indicators – Download Instructions

[post-title] is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.

[post-title] provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly.

How to install [post-title].mq4?

  • Download [post-title].mq4
  • Copy [post-title].mq4 to your Metatrader Directory / experts / indicators /
  • Start or restart your Metatrader Client
  • Select Chart and Timeframe where you want to test your indicator
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
  • Right click on [post-title].mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator [post-title].mq4 is available on your Chart

How to remove [post-title].mq4 from your Metatrader 4 Chart?

  • Select the Chart where is the Indicator running in your Metatrader Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

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Automatic Parabolic Support and Resistance Levels Indicator