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I have been looking at various ways to chart the support resistance elevels,
ultimately to incorporate into various trading systems. Having attempted
loops and other methods of differing complexity I pulled back to the
simplest of forms, price.
Now this is probably already shown somewhere, but will share it anyway.
Any comments appreciated
//SUPPORT & RESISTANCE LEVELS
//Graham Kavanagh 9 Oct 2003
//Find turning points
top = H==HHV(H,3) AND H>=Ref(H,1) AND H>=Ref(H,2);
bot = L==LLV(L,3) AND L<=Ref(L,1) AND L<=Ref(L,2);
topH = ValueWhen(top,H);
botL = ValueWhen(bot,L);
//Indicator section
GraphXSpace=5;
Plot( C, "C", colorLightGrey, styleBar+styleNoLabel );
Plot( topH, "res", colorRed, styleDots+styleNoLine );
Plot( botL, "sup", colorGreen, styleDots+styleNoLine );
Title = Name() + ", " + Date() + ", Support & Resistance Levels Support = "
+ topH + ", Resistance = " + botL ;
Cheers,
Graham
http://groups.msn.com/ASXShareTrading
http://groups.msn.com/FMSAustralia
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