There are dozens of formulas for
"automatic" support and resistance.
I've never seen one that's worth anything. There are a couple of DLL's
around that do the same thing.
Support and resistance are subjective. If two experienced traders draw
it on a chart then they will each have different lines.
You're better off using some form of trend channel or sigma bands.
I've found sigma bands to be very accurate. With sigma bands you know
the probability of the price reversing or continuing along the same
trend.
Super
--- In equismetastock@xxxxxxxxxxxxxxx,
pumrysh <no_reply@xxx> wrote:
>
> David,
>
> My bad! I wasn't paying attention to what I was doing.
>
> As far as support and resistance indicators this one isn't very
> popular for a reason. I don't have the original article but do know
> that it was written for TASC back around 1998.
>
> To get the indicator I wrote to work you can use
>
> WSO:=
> 100*(1+
> Int(S1/CLOSE)+
> Int(S2/CLOSE)+
> Int(S3/CLOSE)+
> Int(S4/CLOSE)+
> Int(S5/CLOSE)+
> Int(S6/CLOSE) )/6);
> WSO; {end}
>
> Then do the same with the resistance side.
>
> To get the other indicators to show up just use.
>
> S1;S2;S3;S4;S5;S6;
>
> Instead of WSO for the output. The S1 through S6 and R1 through R6
> are support and resistance levels which should go on a price chart.
> The WRO and WSO are supposed to be oscillators and should go into
> their own window.
>
> Preston
>
>
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx,
David Brennan
> <denver69692002@> wrote:
> >
> > Thanks, but it still didn't work.
> >
> > I'm wondering what the "1" is there for anyways in the WSO
code.
> And the other indicators S1-S6 don't show up on the charts.
> >
> > --- On Fri, 10/31/08, pumrysh <no_reply@xxxxxxxxxxxxxxx>
wrote:
> >
> > From: pumrysh <no_reply@xxxxxxxxxxxxxxx>
> > Subject: [EquisMetaStock Group] Re: Automatic Support and Resistance
> > To: equismetastock@xxxxxxxxxxxxxxx
> > Date: Friday, October 31, 2008, 1:22 PM
> >
> >
> >
> >
> >
> >
> > Big,
> >
> > Its not in metastock lanquage. Try this:
> >
> > {WSO}
> > 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(Fml("S4" )/CLOSE) +Int(Fml("S5" )/CLOSE)+
Int(Fml("
> S6")/CLOSE) )/6);
> > WSO; {end}
> >
> > {WRO}
> > 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);
> > WRO; {end}
> >
> > Preston
> >
> > --- In equismetastock@ yahoogroups. com, "Big Papa"
> > <denver69692002@ ...> wrote:
> > >
> > > I found the article about Automatic Support and Resistance:
> > > 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(Fml("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)
> > >
> > > As I input it in, I made 6 different indicators, S1-S6, and that
> > is
> > > all fine. But when I go to put in the WSO as another indicator,
> it
> > > rejects it as is. It says it is an invalid function name, and
the
> > > cursor goes to the "1" right after the 100*(.
> > > What am I doing wrong? Thanks.
> > >
> >
>