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mmaker
>From my onservations of the RSI I notices it tended to have peaks and
troughs in tune with the price action. These had larger % moves than the
underlying price action and I was able to use the peak/trough function
better than straight on the price action. Also the price % move would be
more difficult to determine, but the RSI has a standard range regardless of
the price. I had tried to find the moves using price action, but found the
RSI much better.
Cheers,
Graham
http://groups.msn.com/ASXShareTrading
http://groups.msn.com/FMSAustralia
-----Original Message-----
From: mmaker452002 [mailto:mmakeryhoo@xxxxxxxxxxxx]
Sent: Sunday, 3 August 2003 11:23 PM
To: amibroker@xxxxxxxxxxxxxxx
Subject: [amibroker] trendlines and support and resistance lines
I have been looking at two formulas posted in the AFL Library.
One is the "RSI Trendlines and Wedges" posted by Dimitris Tsokakis
and the other is "Support Resistance levels" posted by Graham
Kavanagh.
Many thanks to both these gentlemen for their work.
I am attempting to modify both to work from price action i.e. off the
closing price.
Question...why do you think it is preferable to try and derive
trendlines or support and resistance levels from the RSI?
Is it because the price may contain too many spikes?
For me price action is king and indicators rank a distant second.
Also Graham....your formula says it is using RSI but the s r lines
seem to work off price as i want...i am a bit confused about this
even though the formula has RSI written all throughout it. Is it
using price or rsi?
Anyways thanks to both of you for sharing your work.
Dimitris if i can get your formula to work from closing price i will
post it.
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