Support Board
Date/Time: Thu, 09 Jan 2025 09:14:40 +0000
Post From: Suggest Horizontal Sup/Resist Lines Trade Study
| [2016-07-15 21:18:19] |
| User791263 - Posts: 151 |
|
Pro Traders stress the importance of Horizontal Support-Resistance Lines (S-R Lines). I see their value every day. The "copy drawings" feature helps consolidate time frames to 1 or 2 charts. Horizontal lines of all types are useful: Day Lines, Hi-Lo for Bars, Values areas from VbP and drawings. A new study that sensed lines within a range from the price, much like alerts now on Horizontal drawings, could introduce intelligence where now it's not-so-directly available to other charts. Click-on-chart Horizontal drawings would be very useful in a study. (easier programmatically than other drawings, too). Possibly allowing output of the Alerts Formula of each Horiz. line drawing (a True/False or Value) and set a weight-importance of the line (non-default)-- might be cool. Internal drawing numbers could be handles for analizing lines together in such S-R Lines Study - to alert, highlight or signal - based on a count of lines (with weight per type) within a range above or below the price. A large number of high-weight Resistance lines above and near the price (settable) of a Target Chart says Sell or gives a value to help a decision to sell in a Trade Study. Vice Versa for Support levels. Though VbP levels can be accessed by Overlay, alone they are not enough. A study would be a step toward automating this essential data. The existing Horizontal Line Study is cumbersome compared to quickly drawing lines "on the fly". S.C. Engineering is always planning & designing ahead. This is food for thought. A good study would take time to design & keep SIMPLE (using mostly-existing logic). I had 1 or 2 other ideas about this, but I'll wait to see if you have any interest. |