Skip to content
All library documents

Support and Resistance Levels from Higher-Timeframe Zigzag Tops

Article MQL5 code base
Read the original

Summary

The document describes an indicator that draws support and resistance levels using recent tops identified by a parabolic zigzag calculation. It also allows the user to choose the timeframe used to calculate that zigzag, so levels can be derived from a higher timeframe while viewing another chart timeframe.

This is a brief description of an indicator rather than a trading method. It gives no rules for entering or exiting trades, no examples of level behavior, and no evidence about accuracy or profitability. Correct operation depends on having two related indicator components installed in the platform's indicator directory. The description does not discuss how zigzag points may change as price data develops, so users should not infer that the levels are validated or stable signals.

Key ideas

  • The indicator builds support and resistance levels from recent tops identified by a parabolic zigzag.
  • Users can select the timeframe used for the zigzag calculation.
  • The indicator requires two related components to be installed in the platform's indicator directory.
  • The document supplies no trading rules or evidence of the levels' predictive value.

Tags

Technical indicatorsForex

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.