Registered User
Joined: 3/19/2005
Posts: 13
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Can you please help me with a formula for these support/resistance indicators to be plotted with price:
Greater of (High-Open) or (open-Low)
Lesser of (High-Open) or (open-low)
Thanks.
John Gruber
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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QUOTE (Jaygee) Greater of (High-Open) or (open-Low)
The High minus the Open will always be greater than or equal to the Open minus the Low, so:
H - O
QUOTE (Jaygee) Lesser of (High-Open) or (open-low)
The Open minus the Low will always be less than or equal to the High minus the Open, so:
O - L
In both cases, the results are not particularly well suited for Plotting with Price for use as Support or Resistance as the resulting Values will always be less than or equal to the Range of the stock and will usually be well below the Price of the stock.
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