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Frank,
This is from TASAC-magazine 0598:
Good luck,
Frans
In my article "Automatic support and resistance" in this issue, I present a
computerized approach to finding support and resistance levels on a chart.
To recreate the indicators and system described in my article using
MetaStock for Windows, enter the following formulas:
Indicators:
S1: IF(Ref(LOW,-4)=LLV(LOW,9),Ref(LOW,-4),PREVIOUS) S2:
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S1"),-1)) S3:
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S2"),-1)) S4:
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S3"),-1)) S5:
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S4"),-1)) S6:
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S5"),-1))
WSO:
100*(1(Int(Fml("S1")/CLOSE)+Int(Fml("S2")/CLOSE)+Int(Fml("S3")/CLOSE)+Int(F
ml("S4")/CLOSE) +Int(Fml("S5")/CLOSE)+Int(Fml("S6")/CLOSE))/6)
R1: IF(Ref(HIGH,-4)=HHV(HIGH,9),Ref(HIGH,-4),PREVIOUS) R2:
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R1"),-1)) R3:
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R2"),-1)) R4:
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R3"),-1)) R5:
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R4"),-1)) R6:
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R5"),-1))
WRO: 100*(1(Int(Fml("R1")/CLOSE)+Int(Fml("R2")/CLOSE)
+Int(Fml("R3")/CLOSE)+Int(Fml("R4")/CLOSE)
+Int(Fml("R5")/CLOSE)+Int(Fml("R6")/CLOSE))/6)
The indicators S1 through S6 and R1 through R6 should be plotted as points
and not as a continuous line.
Trading System Formulas and Parameters: Enter long positions on either
building support or sustained uptrend and exit position using stops. No
short positions.
Enter Long: Fml("WSO") > Mov( Fml("WSO") , 4 , S ) OR Mov( Fml("WRO") , 30 ,
S ) > 95
Stop Out:
Breakeven stop: Floor level at 2%
Trailing stop: Profit risk of 10 Percent, ignoring 10 periods
Maximum loss stop: Maximum loss of 7%
Other Conditions:
Initial equity = 1000, Long positions only, Trade price = close, Trade delay
= 0, Entry commission = 0%, Exit commission = 0%, , Interest rate = 5%,
Margin req. 100%
-- Mel Widner, Ph.D., 703 791-5910
E-mail techstrategies@xxxxxxxx
At 10:24 PM 17-02-99 -0600, you wrote:
>
> Does anyone have the formulas or workaround to allow the (Indicator)
>Support/Resistance Lines, either auto or manual, to display only one
>straight Horizontal line, which is located, respectively, near the level
>of low or high for whatever time period used, be that anywhere from a
>few weeks to a few years?
> Actually an even better outcome to this, for me, would be if an
>Indicator would look back in time and use multiple lows or highs,
>depending on Support/Resistance, for its calculations.
> Could it be that I am missing something in 6.52, maybe what I seek
>is already there?
>
>-- Frank :-)
>
>
>
>
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