The Multi Time Frames Support & Resistance indicator for Metatrader 5 draws S&R levels on the chart from 5 different time frames.
The default time frames utilized by the indicator are: 1 day, 4 hours, 1 hour, 30 minutes, and 15 minutes.
You can quickly observe the important support and resistance levels without having to switch between time frames.
Here are the general assumptions based on the S&R levels:
- If the price breaks above a resistance level, it indicates a buying opportunity.
- If the price breaks below a support level, it suggests a selling opportunity.
The colors of the support and resistance lines can be easily customized to match your preferred color scheme.
You have the flexibility to modify the following inputs of the indicator: period, time frame 1, time frame 2, time frame 3, time frame 4, and time frame 5, colors.
Before using this technical indicator in live trading, it is advisable to familiarize yourself with its functionality and behavior by testing it on a demo account.
It supports all time frames and Forex pairs.
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Chart Example
The following chart shows how the Multi Time Frames Support & Resistance indicator looks like when applied to the MT5 chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the klines.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration