[Metastockusers] Support and resistance help needed

["Stephane Goria" <Stephane.Goria@xxxxxxxxxx>]

Hi,

 

Being a long time user of Metastock Pro, i am still
not satisfied with support and resistance indicators supplied by Equis.

So, I thought to program a little and finally wrote
this little routine for finding eventual resistance (inverse routine should be
done to find supports).

 

My philosophy is that a support is the extrem points
the price have touched like a bouncing ball. So my work is scanning for 10
levels above the actual price to find eventual resistance since the beginning
of the day.

 

My wonder is that this routine needs to be ehanced by
several points :

 

<font size=2
face=Arial>-<font
size=1 face="Times New Roman">         
<span lang=EN-GB
>Actually, it displays only the
resistance wich shows the maximum bounce on price, because i was not bale to
program a &#8220;sort&#8221; routine.

<font size=2
face=Arial>-<font
size=1 face="Times New Roman">         
<span lang=EN-GB
>Maybe it would be interested to
integrate the volume associated with these points.

<font size=2
face=Arial>-<font
size=1 face="Times New Roman">         
<span lang=EN-GB
>A perfect work would be to abe able
to build a database but I guess it is not possible under Metastock language
avoiding to scan only 10 prices....

 

Here is the routine, if somebody has ideas to ehance
it...

 

Regards

 

Stephane

 

 

inc:=

1;{Inc is your minimal price increment, it is set to
1 because i was working with this formula for DJ euros Stoxx, it would be set
to 0.25, for example, if used to SP500 future etc...}

 

yy:=

BarsSince(ROC(DayOfMonth(),1,points)>=1)+1;

 

C1:=

LastValue(Ref(C,-1));

 

RS1:=

Sum(H=LastValue(C1-(inc*1)) OR
L=LastValue(C1-(inc*1)),LastValue(YY));

 

RS2:=

Sum(H=LastValue(C1-(inc*2)) OR
L=LastValue(C1-(inc*2)),LastValue(YY));

 

RS3:=

Sum(H=LastValue(C1-(inc*3)) OR
L=LastValue(C1-(inc*3)),LastValue(YY));

 

RS4:=

Sum(H=LastValue(C1-(inc*4)) OR
L=LastValue(C1-(inc*4)),LastValue(YY));

 

RS5:=

Sum(H=LastValue(C1-(inc*5)) OR
L=LastValue(C1-(inc*5)),LastValue(YY));

 

RS6:=

Sum(H=LastValue(C1-(inc*6)) OR
L=LastValue(C1-(inc*6)),LastValue(YY));

 

RS7:=

Sum(H=LastValue(C1-(inc*7)) OR
L=LastValue(C1-(inc*7)),LastValue(YY));

 

RS8:=

Sum(H=LastValue(C1-(inc*8)) OR
L=LastValue(C1-(inc*8)),LastValue(YY));

 

RS9:=

Sum(H=LastValue(C1-(inc*9)) OR
L=LastValue(C1-(inc*9)),LastValue(YY));

 

RSA:=

Sum(H=LastValue(C1-(inc*10)) OR L=LastValue(C1-(inc*10)),LastValue(YY));

 

 

 

Resist
:=Max(Max(Max(Max(Max(Max(Max(Max(Max(RS1,RS2),RS3),RS4),RS5),RS6),RS7),RS8),RS9),RSA);

 

If(resist=RS1,LastValue(C1-(inc*1)),

If(resist=RS2,LastValue(C1-(inc*2)),

If(resist=RS3,LastValue(C1-(inc*3)),

If(resist=RS4,LastValue(C1-(inc*4)),

If(resist=RS5,LastValue(C1-(inc*5)),

If(resist=RS6,LastValue(C1-(inc*6)),

If(resist=RS7,LastValue(C1-(inc*7)),

If(resist=RS8,LastValue(C1-(inc*8)),

If(resist=RS9,LastValue(C1-(inc*9)),

LastValue(C1-(inc*10)))))))))))











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