Auto Support & Resistance Indicator for MT4 & MT5

The PipVero Auto Support & Resistance Indicator automatically identifies important support and resistance levels directly on your MetaTrader chart.

The indicator analyzes confirmed swing highs and swing lows from closed candles. Nearby price levels are merged to reduce chart clutter and highlight the most relevant market areas.

Main Features

Automatic support and resistance detection
Compatible with MetaTrader 4 and MetaTrader 5
Uses confirmed swing highs and lows from closed candles
Merges nearby price levels automatically
Displays the number of confirmed touches
Sorts levels by strength or distance from the current price
Adjustable historical lookback period
Customizable swing confirmation strength
Configurable minimum touch count
Adjustable maximum number of displayed levels
Custom support and resistance colors
Adjustable line style and line width
Optional price and touch-count labels
Optional support and resistance touch alerts
Optional candle-close breakout alerts
Optional sound notifications
Detailed diagnostic logging in the Experts tab

Support levels are displayed in green, while resistance levels are displayed in red by default. Colors, line styles, label size, font, alert distance, and other visual settings can be customized from the indicator inputs.

Because each swing requires closed candles on both sides for confirmation, new levels appear only after the selected SwingStrength value is reached. This helps reduce repainting and prevents incomplete candles from creating unreliable levels.

The indicator is suitable for forex, commodities, cryptocurrencies, indices, and other instruments available in MetaTrader.

This indicator is a chart-analysis utility and does not provide financial or investment advice. Always use proper risk management when trading.

*Installing on MetaTrader 4*
- Download the MetaTrader 4 version of the indicator.
- Open MetaTrader 4.
- Select *File → Open Data Folder*.
- Open the `MQL4` folder.
- Open the `Indicators` folder.
- Copy `PipVero_Auto_Support_Resistance_MT4.mq4` into this folder.
- Open the file in MetaEditor.
- Press `F7` to compile the indicator.
- Confirm that MetaEditor reports no compilation errors.
- Return to MetaTrader 4.
- Open the Navigator panel.
- Right-click *Indicators* and select *Refresh*.
- Drag the PipVero Auto Support & Resistance Indicator onto your chart.

*Installing on MetaTrader 5*
- Download the MetaTrader 5 version of the indicator.
- Open MetaTrader 5.
- Select *File → Open Data Folder*.
- Open the `MQL5` folder.
- Open the `Indicators` folder.
- Copy `PipVero_Auto_Support_Resistance_MT5.mq5` into this folder.
- Open the file in MetaEditor.
- Press `F7` to compile the indicator.
- Confirm that MetaEditor reports no compilation errors.
- Return to MetaTrader 5.
- Open the Navigator panel.
- Right-click *Indicators* and select *Refresh*.
- Drag the indicator onto your chart.

*Main Settings*
- `InstanceID`: Assigns a unique identifier when using multiple copies of the indicator on the same chart.
- `LookbackBars`: Sets the number of historical candles analyzed. The default value is 500.
- `SwingStrength`: Sets the number of closed candles required on each side to confirm a swing high or swing low.
- `MinimumTouches`: Sets the minimum number of merged swing touches required before a level is displayed.
- `MergeDistancePoints`: Sets the maximum distance in broker points for merging nearby levels.
- `MaximumLevelsPerSide`: Sets the maximum number of support and resistance levels displayed.
- `FilterAroundCurrentPrice`: Displays support below the current price and resistance above it.
- `LevelSortMode`: Sorts detected levels by strength or proximity to the current price.
- `SupportColor`: Changes the color of support lines and labels.
- `ResistanceColor`: Changes the color of resistance lines and labels.
- `LevelLineStyle`: Changes the style of the horizontal level lines.
- `LevelLineWidth`: Changes the width of the level lines.
- `DrawLinesBehindChart`: Places the support and resistance lines behind the chart candles.
- `ShowLevelLabels`: Shows or hides the label for each level.
- `ShowLevelPrice`: Displays the detected price inside the level label.
- `ShowTouchCount`: Displays the number of confirmed touches.
- `LabelFontName`: Changes the label font.
- `LabelFontSize`: Changes the label text size.

*Alert Settings*
- `EnableTouchAlerts`: Sends an alert when Bid enters the configured distance from a displayed level.
- `TouchAlertDistancePoints`: Sets the alert distance in broker points.
- `EnableBreakAlerts`: Sends an alert when a candle closes through a displayed support or resistance level.
- `EnableSoundAlert`: Enables a sound notification when an alert is triggered.
- `AlertSoundFile`: Selects the MetaTrader sound file used for alerts.

*Diagnostic Logging*

- Set `EnableDebugLog` to `true`.
- Open the *Terminal* or *Toolbox* window in MetaTrader.
- Select the *Experts* tab.
- The indicator records initialization, calculations, detected swings, merged levels, chart updates, alerts, and errors.
- Use these messages to identify the stage where a problem occurs.
- Disable diagnostic logging after troubleshooting to avoid unnecessary log entries.

*How the Levels Are Calculated*
A resistance candidate is created when a closed candle has a higher high than the configured number of candles on both sides.
A support candidate is created when a closed candle has a lower low than the configured number of candles on both sides.
Nearby candidates are combined according to `MergeDistancePoints`. The indicator calculates their average price and confirmed touch count before displaying the strongest or nearest levels.

*If No Levels Appear*
- Reduce `MinimumTouches`.
- Increase `LookbackBars`.
- Increase `MergeDistancePoints`.
- Reduce `SwingStrength`.
- Confirm that enough historical candles are loaded.
- Check the Experts tab after enabling `EnableDebugLog`.
- Make sure the source file was compiled without errors.

*Important Note*
A point is the smallest price increment reported by the broker. On many five-digit forex symbols, 10 points are equal to approximately 1 pip.
The indicator detects technical price levels but does not guarantee that the market will react to them. Always combine technical analysis with proper risk management.