I think all here will agree that support and resistance levels are important. People who trade with indicators and people who trade using price action must know where the support and resistance levels are.
The more obvious ways to determine support and resistance levels are the previous days high and low - or even new highs and lows of the current day. Other people use pivots. I have always felt that these levels are not necessarily the best. A resistance level for example should be a level which price tested a number of times and failed to go through. The previous day's high could have been touched once only.
In my search for an alternative way to find support and resistance levels I came across them "findlevels" indicator for MT4. It is described in detail here: Displaying of Support/Resistance Levels - MQL4 Articles (
It basically looks for levels that the price penetrate the smallest number of times relative to other prices - read the article - it explains it better than what I can. I have attached a screen shot of EURUSD 15 minute chart - the orange lines are the lines drawn by the findlevels indicator.
Since I am still learning to code C# I am hoping someone that can code are also curious to see what it will look like on NT. I do think there is room for improvement as well - for example - I do not think that the first version needs to have MTF functionality - with different line widths and colors. A math wiz may also find a better way to find the local minimum.
Or maybe someone have ported it already. Even if no-one wants to port it please let me know if you agree that the concept if a valid one for finding support and resistance levels.