Registered User Joined: 10/7/2004 Posts: 1,178
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Let's consider the stock ALDR on a 5 minute chart for where to place Intraday Support Lines.
Looking before the Close Yesterday, we see SIGNIFICANT SUPPORT involving EIGHT CANDLES at $10.14.
After today's Open, the first Support Line printed by TWO CANDLES at $10.50.
And, a second Support Line was printed by FOUR CANDLES at $10.94.
Each of these was found these with this Custom % True Indicator using my inputs below:
L1=L or L1=O or O1=L or L1=C or C1=L
My thinking is that Support involving a greater number of candles is more important to a trader than that involving as few as two candles.
Would you agree, Bruce?
If so, is there a way to use the new Count capabilities to find how many candles are involved in a Support Line? My thinking is that this value could be used as a column.
Looking forward to your thoughts...
(which should be renamed "% True Condition" to distinguish it from the "Custom PCF Indicator")
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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The examples seem to actually require consecutive lows in order to get counted. If so, the count would just be the following.
TrueInRow(L = L1, 50) + 1
But I can't think of way to for example return the value "with the most support".
-Bruce Personal Criteria Formulas TC2000 Support Articles
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Registered User Joined: 10/7/2004 Posts: 1,178
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Bruce, I've thought about what you've said and redesigned my Resistance and Support Plots explained below.
On my RESISTANCE PLOT, I've placed H1=H on a Custom PCF% True plot along with XAvgC9>XAvgC12 for an UPTREND. On a TC chart, EQUAL HIGHS are not limited to two consecutive bars, but one can look back to see EARLIER EQUAL HIGHS.
Also, on my SUPPORT PLOT, I've placed L1=L on a Custom PCF% True plot along with XAvgC9<XAvgC12 for a DOWNTREND. On a TC chart, EQUAL LOWS are not limited to two consecutive bars, but one can look back to see EALIER EQUAL LOWS.
From what you've said, I realize the CountTrue capability work differently than what I see on my Plots and Charts.
If you can work out a CountTrue formula for identifying the number of either Resistance Lines or Support Lines that occur, say in the last hour before the end of the day -- to be used in preparation for the next day's Open.
At the end of day, I am interested in seeing how many of 12 five-minute bars might show a numerical count.
How about trying the capability below for Resistance Lines:
CountTrue(b, x) ->
Where b = XAvgC9>XAvgC12 and H1=H
And x = 63
Not sure what -> (a numerical value indicating how many)
And, for Support Lines:
CountTrue(b, x) ->
Where b = XAvgC9>XAvgC12 and L1=L
And x = 63
Not sure what -> (a numerical value indicating how many)
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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Let's look at your two formulas.
CountTrue(XAVGC9 > XAVGC12 AND H1 = H, 63)
This is going to count the number of times that this is true, but it is not going to tell if you any of those previous results match the current high or each other and it isn't going to return the value of those highs or the value of the high which was hit the most during the period.
The same is true of the inverse formula.
CountTrue(XAVGC9 < XAVGC12 AND L1 = L, 63)
While we could use similar formulas to find out if there were duplicate highs or lows during the most recent 12 bars (to use at the end/beginning of the trading day), there isn't a reasonable way to write a formula to return the value of the highs or lows with the most matches during those 12 bars.
-Bruce Personal Criteria Formulas TC2000 Support Articles
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