t2g wrote: Mon Sep 02, 2024 4:50 pm Thank you for sharing.
Yes, It looks really interesting.

But unfortunately I don't have MT5.....
Could you convert this mql5 to mql4 please.......

WSO (Widner Support Oscillator) and WRO (Widner Resistance Oscillator) Channel for MT4

This technical indicator is on the 'Automated Support And Resistance' idea from an article written by Mel Widner in TASC, back in 1998.

The indicator has two main parts: the WSO (Widner Support Oscillator) and the WRO (Widner Resistance Oscillator).

The WSO looks at the current Close price and compares it to the last six support levels. Its values range from 0 to 100, where a WSO of 0 means the Close is below all six support levels, and a WSO of 100 means it’s above all six. When the WSO changes, it shows that support levels are shifting, either by breaking through an old one or creating a new one.

The WRO works in a similar way. It compares the current Close to the last six resistance levels, also ranging from 0 to 100. A WRO of 0 indicates that the Close is below all six resistance levels, while a WRO of 100 shows it’s above all six. Changes in the WRO reflect shifts in resistance, which can mean breaking an old level or forming a new one.

Calculation

The WSO and WRO are defined as:

WSO = 100( 1 – (INT(S1/C) + INT(S2/C) + INT(S3/C) + INT(S4/C) + INT(S5/C) + INT(S6/C)) / 6)

WRO = 100( 1 – (INT(R1/C) + INT(R2/C) + INT(R3/C) + INT(R4/C) + INT(R5/C) + INT(R6/C)) / 6)

This version displays the channel on the chart rather than presenting the oscillator values in the bottom subwindow allowing the indicator to be used directly as a Support & Resistance guide.

Converted it to MT4, PDF article also attached below.