Support Board
Date/Time: Wed, 08 Jan 2025 18:11:39 +0000
[User Discussion] - Suggest Horizontal Sup/Resist Lines Trade Study
View Count: 1563
| [2016-07-15 21:18:19] |
| User791263 - Posts: 151 |
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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. |
| [2016-07-16 16:40:43] |
| User791263 - Posts: 151 |
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It's a summation of (lines near & above x wgts.) minus (lines below x wgts): Support lines below subtract from Resist lines above & near. ie: IF 3 Big Resist lines very near above Price,& No Support lines below = entering Sell Range. Define "near" distance of Price in Study Setting. (A later version might make closer within that distance a higher value) Output is Oscillator: High Resistance when subgraph near top Sell range High Support= SG at bottom (Buy area). An early version might set weight defaults in the Line Study by type: Historical, Intraday, Drawing, Study. (ie: Historical typically heavier weight- more controlling). Later version might allow override of such defaults via source: Drawing Alert settings, Chart settings, VbP, Hi-Lo for # Bars weight settings. |
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