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8 bars ago CSCO broke the support trendline.
2 bars ago broke the resistance line in the new [parallel]
channel.
Since we can not remember everything, it is better to use the
memory of the
/*HISTORICAL TRENDLINES and BREAKOUTS*/x = Cum(1);per
= 3;// CALIBRATE THE ZIG() SENSITIVITYs1=L;s11=H;pS = TroughBars( s1,
per, 1 ) == 0;endt=SelectedValue(ValueWhen( pS, x
,1));startt=SelectedValue(ValueWhen( pS, x ,2));dtS
=endt-startt;endS = SelectedValue((ValueWhen( pS, s1,1) ));startS =
SelectedValue(( ValueWhen( pS, s1 ,2)));aS = (endS-startS)/dtS;bS =
endS;trendlineS = aS * ( x -endt ) + bS;//SUPPORT LINEpR = PeakBars(
s11, per, 1 ) == 0;endt1= SelectedValue(ValueWhen( pR, x,
1));startt1=SelectedValue(ValueWhen( pR, x, 2 ));dtR
=endt1-startt1;endR = SelectedValue(ValueWhen( pR, s11, 1 ) );startR =
SelectedValue( ValueWhen( pR, s11, 2 ));aR = (endR-startR)/dtR;bR =
endR;trendlineR = aR * ( x -endt1 ) + bR;//RESISTANCE LINE
first=Min(startt,startt1);Last=Max(endt,endt1);d=10;// INCREASE d TO
EXTEND THE LINESbullishbreakout=x>endt1 AND x<last+d AND
Cross(C,trendlineR);bearishbreakout=x>endt AND x<last+d AND
Cross(trendlineS,C);Plot(C,"Close",IIf(bullishbreakout,colorBrightGreen,IIf(bearishbreakout,colorRed,colorBlack)),64);Plot(IIf(x>=first
-d AND
x<=Last+d,trendlineS,-1e10),"Support",colorBrightGreen,1);Plot(IIf(x>=first-d
AND x<=Last+d,trendlineR,-1e10),"Resistance",colorRed,1);
Just move your cursor to the left, it will help to study the
recent behavior.
The same procedure may be used for indicators [some slight per
changes are necessary]
/*HISTORICAL TRENDLINES and BREAKOUTS for INDICATORS*/x =
Cum(1);per = 1;// CALIBRATE THE ZIG()
SENSITIVITYs1=RSI();s11=RSI();pS = TroughBars( s1, per, 1 ) ==
0;endt=SelectedValue(ValueWhen( pS, x
,1));startt=SelectedValue(ValueWhen( pS, x ,2));dtS
=endt-startt;endS = SelectedValue((ValueWhen( pS, s1,1) ));startS =
SelectedValue(( ValueWhen( pS, s1 ,2)));aS = (endS-startS)/dtS;bS =
endS;trendlineS = aS * ( x -endt ) + bS;//SUPPORT LINEpR = PeakBars(
s11, per, 1 ) == 0;endt1= SelectedValue(ValueWhen( pR, x,
1));startt1=SelectedValue(ValueWhen( pR, x, 2 ));dtR
=endt1-startt1;endR = SelectedValue(ValueWhen( pR, s11, 1 ) );startR =
SelectedValue( ValueWhen( pR, s11, 2 ));aR = (endR-startR)/dtR;bR =
endR;trendlineR = aR * ( x -endt1 ) + bR;//RESISTANCE LINE
first=Min(startt,startt1);Last=Max(endt,endt1);d=10;// INCREASE d TO
EXTEND THE LINESbullishbreakout=x>endt1 AND x<last+d AND
Cross(s1,trendlineR);bearishbreakout=x>endt AND x<last+d AND
Cross(trendlineS,s1);Plot(RSI(),"RSI",IIf(bullishbreakout,colorBrightGreen,IIf(bearishbreakout,colorRed,colorBlack)),8);Plot(IIf(x>=first
-d AND
x<=Last+d,trendlineS,-1e10),"Support",colorBrightGreen,1);Plot(IIf(x>=first-d
AND x<=Last+d,trendlineR,-1e10),"Resistance",colorRed,1);
It was VERY useful for CLZ03, two days ago.
Dimitris Tsokakis
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