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load into Indicator builder:
//{Multiple Time Frames "Weekly Support & Resistance" 4/23/99}
Dw=IIf(DayOfWeek()<=Ref(DayOfWeek(),-1),1,0);
Wt=IIf(Dw==1,(Ref(HighestSince(Dw==1,H),-1)+Ref(LowestSince(Dw==1,L),-1)
+Ref(C,-1))/3,0);
Wh=IIf(Dw==1,Ref(HighestSince(Dw==1,H),-1),0);
Wl=IIf(Dw==1,Ref(LowestSince(Dw==1,L),-1),0);
Wr=ValueWhen(Wh>0,Wh,1)-ValueWhen(Wl>0,Wl,1);
DwP=ValueWhen(Wt>0,Wt,1);
RR2=DwP+(Wr*.618);
SR2=DwP-(Wr*.618);
Plot(SR2,"SR2",colorRed,styleLine);
Plot(C,"Close",colorBlack,styleCandle);
Plot(RR2,"RR2",colorRed,styleLine);
-------Original Message-------
From: amibroker@xxxxxxxxxxxxxxx
Date: Wednesday, April 23, 2003 15:08:46
To: amibroker@xxxxxxxxxxxxxxx
Subject: [amibroker] DJM
Traders,
Here's an approach that might have some merit. I haven't tested it beyond
the attached chart. Maybe, someone will supply the AB code.
Many years ago, these support/resistance lines were part of a very solid
approach that I developed for the Oat's market (I know, "trading Oats is
like watching paint dry"). The brackets are modified from the work of
Robert Krausz and the code was written by Adam Hefner.
The MS code is:
{Multiple Time Frames "Weekly Support & Resistance" 4/23/99}
Dw:=If(DayOfWeek()<=Ref(DayOfWeek(),-1),1,0);
Wt:=If(Dw=1,
{then}(Ref(HighestSince(1,Dw=1,H),-1)+
Ref(LowestSince(1,Dw=1,L),-1) +
Ref(C,-1))/3,
{else}0);
Wh:=If(Dw=1,
{then}Ref(HighestSince(1,Dw=1,H),-1),
{else}0);
Wl:=If(Dw=1,
{then}Ref(LowestSince(1,Dw=1,L),-1),
{else}0);
Wr:=ValueWhen(1,Wh>0,Wh)-ValueWhen(1,Wl>0,Wl);
DwP:=ValueWhen(1,Wt>0,Wt);
RR2:=DwP+(Wr*.618);
SR2:=DwP-(Wr*.618);
SR2;
RR2;
The rules are rather simple:
1. Enter a long trade, on the opening, if the opening price is below the
lower bracket.
2. Enter a short trade, on the opening, if the opening is above the upper
bracket.
3. Close any open positions on the close of the day you opened it.
4. If you take a loss, STOP trading for the balance of the week and allow
the support and resistance bands to "reset".
Notice, I have "light blue and light orange" arrows, with x's over and under
the "no-trades". These "non-trades" are illustrated to show that you do
not take any signals, for the remainder of the week, after a losing trade
has occurred.
Take care,
Steve
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