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Tomorrow will be another day.
Unfortunately it will be an unknown day for
traders.
RSI graph offers support and resistance trendlines, available
through
<A
href="">http://www.amibroker.com/library/detail.php?id=103
Since any trendline is already defined from previous
peaks/troughs as a function of time x, we may always accurately
anticipate/calculate the next bar value, setting
x=LastValue(Cum(1))+1.
Next bar RSIsupport and Next bar RSIresistance may give the
equivalent Close support/resistance as an application
to the interesting Siligardos method [TASC June 2003]. Tomasz
Janeczko has already offered the elegant
AFL interpretation in the same issue.
Here is the basic AFL code for Indicator Builder.
Next bar RSIsupport and RSIresistance may also be used in AA
window for interesting explorations
[percentage calculations, breakout conditions
etc]
Next unknown bar is not that unknown.
Dimitris Tsokakis
// Anticipating Next bar Support/Resistance via RSI
trendlines
// An application of G. Siligardos method
// by D. Tsokakis, June 2003x = Cum(1);
per = 1;// percentage calibration
s1=RSI();s11=RSI();Plot(RSI(),"",2,8);pS = TroughBars( s1,
per, 1 ) == 0;endt= LastValue(ValueWhen( pS, x, 1
));startt=LastValue(ValueWhen( pS, x, 2 ));dtS =endt-startt;endS =
LastValue(ValueWhen( pS, s1, 1 ) );startS = LastValue( ValueWhen( pS, s1,
2 ));aS = (endS-startS)/dtS;bS = endS;trendlineS = aS * (
x -endt ) + bS; // the support
equationnextbar=LastValue(Cum(1))+1;nextS=aS * ( nextbar -endt ) +
bS; // next bar support Plot(IIf(x>startt-3 AND TRENDLINES>0 AND
TRENDLINES<100,trendlineS,-1e10),"",IIf(as>0,5,4),1);
pR = PeakBars( s11, per, 1 ) == 0;endt1=
LastValue(ValueWhen( pR, x, 1 ));startt1=LastValue(ValueWhen( pR, x, 2
));dtR =endt1-startt1;endR = LastValue(ValueWhen( pR, s11, 1 )
);startR = LastValue( ValueWhen( pR, s11, 2 ));aR =
(endR-startR)/dtR;bR = endR;trendlineR = aR * ( x -endt1 ) + bR;
// the resistance equation nextR=aR * ( nextbar -endt1 ) + bR; // next
bar resistance
Plot(IIf(x>startT1-3 AND TRENDLINER>0 AND
TRENDLINER<100,trendlineR,-1e10),"",IIf(Ar>0,5,4),1);
// apply Siligardos method for the
nextSValue=nextS;WildPer = 14;ExpPer = 2 * WildPer - 1;AUC = EMA(
Max( C - Ref( C, -1 ), 0 ), ExpPer );ADC = EMA( Max( Ref( C, -1 ) - C, 0 ),
ExpPer );x = (WildPer - 1) * ( ADC * Value / (100-Value) -
AUC);RSIsupport = IIf( x >= 0, C + x, C + x * (100-Value)/Value
);Title1=Name()+/*", RSIs = "+WriteVal(trendlines,1.2)+" , RSIsn =
"+WriteVal(nextS,1.2)+*/" , RSIsupport =
"+WriteVal(RSIsupport,1.2);
// apply Siligardos method for
nextRValue=nextR;WildPer = 14;ExpPer = 2 * WildPer - 1;AUC = EMA(
Max( C - Ref( C, -1 ), 0 ), ExpPer );ADC = EMA( Max( Ref( C, -1 ) - C, 0 ),
ExpPer );x = (WildPer - 1) * ( ADC * Value / (100-Value) -
AUC);RSIresistance = IIf( x >= 0, C + x, C + x * (100-Value)/Value
);
Title=Title1+/*", RSIr = "+WriteVal(trendliner,1.2)+" ,
RSIrn = "+WriteVal(nextR,1.2)+*/", RSIresistance =
"+WriteVal(RSIresistance,1.2)+",Close = "+WriteVal(C);
Uncomment the /*, */ to see more info for the expected
trendlines values.
See what you may have from the RSI graph in comparison to the
usual Price trendlines:
** ^VIX has already broken its RSIsupport, a detail not
visible in the regular Close trendlines.
** DELL RSIsupport/RSIresistance is [31.66-32.59] in
comparison to Price [29.56-32.51]
** BEAS inescapable breakout !!
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