# Formula to calculate resistance and support levels.

Discussion in 'Technical Analysis' started by yankie, Oct 1, 2005.

1. ### Nice2CUNew Member

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I made following code for EOD Analysis.

On right side on scale, you will see Support & Resistance.

This will give me NEXT DAY Support & Resistance.

For Last day, Uncomment.... H/L/C with DayH/DayL/DayC

Just Drag & Drop on PRICE CHART.

_SECTION_BEGIN("SupportResi");

DayH = H; //TimeFrameGetPrice("H", inDaily, -1);// yesterdays high
DayL = L; //TimeFrameGetPrice("L", inDaily, -1);//low
DayC = C ;//TimeFrameGetPrice("C", inDaily, -1);//close
//R = DayH - DayL; // range
R = H - L;
PP = (DayH + DayL + DayC) / 3 ;
R1 = (PP *2) - DayL ;
R2 = PP + R;
S1 = (PP * 2) - DayC;
S2 = PP - R ;
//style = styleBar | styleNoRescale;
style = styleNoLine | styleNoRescale;
rcolor = colorDarkRed;
scolor = colorDarkGreen;
pcolor = colorPink;
Plot(R1, "R1",rcolor,style);
Plot(S1, "S1",scolor,style);
Plot(R2, "R2",rcolor,style);
Plot(S2, "S2",scolor,style);
Plot(PP, "PP",pcolor,style);

_SECTION_END();

You can check any Candle, Click on it.. on heading with Open High Low Close, it will show S1, S2, R1, R2, PP .. check this value with next day Open high low close.. to see if this Support Resistance accuracy.

2. ### SwingKingWell-Known Member

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I'll give you guys a very interesting tool for calculating various support and resistance level, pivot point based on Fibonacci Levels. This tool is extremely powerful and it is worth a try. The tool is called "Fibonacci Cluster Locator" and it is available at Day-Traders.com

Please note that I have no affiliations with this site whatsoever. It is just a resource I found long time back.

3. ### Nice2CUNew Member

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Hello Raunak Agarwal

I am eagerly waiting.

I am EOD Based Investor for short & mid term period. Will your toll suitable for EOD analysis?

Regards
Nice2CU

4. ### SwingKingWell-Known Member

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