The MTF Support and Resistance Lines indicator for MT5 displays the support and resistance levels using the ZigZag indicator. The indicator only redraws when there is a new candle (according to the TimeFrame parameter). From version 1.2, the indicator added the function to determine support/resistance levels for 60 weeks and 60 months.
Input parameters
- AutoDetectHTF - Automatically determine support/resistance levels for 60 weeks and 60 months.
- TimeFrame - Timeframe to analyze. If the Timeframe is less than or equal to the current timeframe, the indicator will use the current timeframe.
- Depth - Sets the minimum interval during which the ZigZag will draw a new extreme, if the Deviation setting is followed.
- Deviation - The minimum price change in points required for the ZigZag to form a high/low.
- Backstep - The minimum number of candlesticks required to separate two local extremes. Backstep must be less than Depth.
- LookBackBars - Bars to analyze.
- SupportLineColor - Color of the support lines.
- ResistanceLineColor - Color of the resistance lines.
- SRLineStyle - Style of the support/resistance lines.
- SRLineWidth - Width of the support/resistance lines.
