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Using Candle Support and Resistance Across Daily, Weekly, and Monthly Charts

Article MQL5 code base
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Summary

This brief indicator description bases support and resistance levels on daily, weekly, and monthly candles. It suggests matching the candle period used to derive levels with a different chart timeframe: daily levels on an hourly chart, weekly levels on a four-hour chart, and monthly levels on a daily chart. The stated intent is to apply candle-derived support and resistance across pairs.

The document gives no formula for calculating the levels, chart examples, entry or exit rules, stop placement, or evidence from testing. It therefore offers only a timeframe pairing concept, not a complete trading strategy. Readers cannot assess how the indicator handles candle highs and lows, false breaks, or changing market conditions from the description alone.

Key ideas

  • The indicator derives support and resistance from daily, weekly, and monthly candles.
  • Daily candle levels are suggested for hourly charts.
  • Weekly candle levels are suggested for four-hour charts.
  • Monthly candle levels are suggested for daily charts.
  • The description omits calculation details and any tested performance evidence.

Tags

Technical indicatorsForex

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