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Registered User
Joined: 7/17/2006
Posts: 15
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Is there a PCF that can automatically identify and draw the support and resistance lines for my chart?
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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If you can define when support and resistance should be set, we can create a plot for you.
We need to know how you want the support and resistance levels determined.
- Craig
Here to Help!
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Registered User
Joined: 7/17/2006
Posts: 15
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I am not so sure myself. What parameters do I need to create a support and resistance line? Are there any common standards for this?
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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There really isn't.
Support and resistance is set by the person. How they trade, how they read charts and what they see all influence what lines are drawn by most people.
Let me know what you decide and I can run from there. I cannot give any advice regarding chart reading or trading.
- Craig
Here to Help!
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Registered User
Joined: 1/28/2005
Posts: 6,049
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One idea is to use previous price action
as support and resistance.
For example the lowest low of the last 20 days:
MINL20
The highest high of the last 20 days:
MAXH20
(the 20 can be made into whatever you like. If you plot
on your price chart be sure to select :("plot using price scale").
You may be interested in this:
Plotting Custom Indicators with Examples
Using Linear Regression Sorts to Help Spot Divergences
Spotting trend changes using linear regression channel sorts
Drawing Trendlines, Regressions and Writing Notes on a chart
Sort using envelopes, regression channels and Bollinger bands
Thanks
diceman
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Registered User
Joined: 7/17/2006
Posts: 15
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I use candlestick charts and I would like to know at which points in the last 30 days did the candlesticks hit a support and resistance point?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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optionsgod,
The trainers cannot give settings, interpretation or investment advice. This includes defining support and resistance for you. I will move this topic to the Stock and Market Talk forum where other traders are more likely to see it and comment.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 7/17/2006
Posts: 15
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Is there a tutorial on support and resistance?
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Registered User
Joined: 7/17/2006
Posts: 15
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Support and Resistance Lines Formula
Pivot = (High Point + Low Point + Close Point) / 3 (example)
Range = High Point – Low Point
4R [4th Resistance] = 2R + Range
3R [3rd Resistance] = 1R + Range
2R [2nd Resistance] = Pivot + Range
1R [1st Resistance] = Pivot + (Pivot - Low)
H [Yesterday's High]
P [Pivot Price, i.e. Midpoint]
L [Yesterday's Low]
1S [1st Support] = Pivot - (High-Pivot)
2S [2nd Support] = Pivot - Range
3S [3rd Support] = 1S – Range
4S [4th Support] = 2S - Range
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There is calculator here:
(URL removed by Moderator)
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Is there any way I could use the formula above to create a TeleChart PCF that can plot the support and resistance lines for me for a particular stock for the past 30 days (1 month)?
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Check out these threads:
Pivot Point Analysis
PIVOT POINT AVERAGES
I found this by searching the forums. You too can search these forums for anything. Watch this short video on how to get the most from these forums:
Learn how to use the forums: post a new topic, reply, Search existing topics
- Craig
Here to Help!
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