SAMI SAYDAM RESISTANCE AND SUPPORT INDICATOR
This insightful and accurate indicator of support and resistance levels. He moves them right in time and works perfectly on all timeframes, and most trading tools.
It uses a real high and low points of each of the last 20 candles. If the price crosses the red trend line upwards and confirms closing the candle above the line, the indicator will give a signal to buy that will tell you that the current resistance line broken and prices may continue to go up. Also, if the candle below breaks one of the lines (especially if it is the bottom line) confirmed candle light will give a signal to buy that will tell you that the current support line broken and prices may continue to go down.
The advantage of this indicator is that it sends a signal long before significant price movements, giving you time to buy or sell. I added notification settings by e-mails and messages, so you can set the display on your MT4 platform on a VPS and receive immediate trade signals to your mobile terminal, and to make trading decisions without being distracted by leisure or daily activities. You just need to specify Metaquote ID in the settings window of your MT4 terminal.
Note: The signal appears immediately after the formation of the closed candle above or below the red line of the trend.
You can set the display on all timeframes in order to see real movement of support and resistance levels, you can rely on, especially in the 4-hour, daily, weekly and monthly charts. Of course, you can set the display on most charts at the same time to obtain the most current intraday trading signals. 1-15-minute charts are well suited for scalping, and a 30-minute - 4-hour arrange intraday traders. Charts from 4 hours to one month will be perfect for long-term traders (the period from 1 to 30 days).
The only input parameter indicator is PopupAlert = true, which opens a window showing the signal to buy or sell at the current confirmation breakout of support or resistance. If you specify false, the window will not be displayed.
Based on my experience with a long trade using this indicator, the transaction is closed, when you get the opposite short signal, which can lead to a reversal of the transaction, and vice versa. But I recommend to take profits when you will find it acceptable. In general settings, you can click on "Allow DLL imports" and to allow the import of external experts.
Important note: for traders using trading signals indicator. You need to put a stop-loss at the level of penetration to avoid false breakout of support and resistance levels. For this purpose, to acknowledge the alarm, you can add other indicators, for example, the CCI or RSI. They will be added in the next version of the expert. (See. Accompanying screenshots).
I'll keep an eye on the comments and will try to give detailed answers to your questions as soon as possible.
The indicator is copyrighted 2010 by UKC (316 009) and is owned by Sami Saydam. Any reproduction and use of indicator methods separately or as part of an expert without the author's permission is prohibited.
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