Formula to calculate resistance and support levels.

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

  1. Nice2CU

    Nice2CU New 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. SwingKing

    SwingKing Well-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. Nice2CU

    Nice2CU New 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?

    Please share tool both Intraday & EOD investor / trader.

    Regards
    Nice2CU
     
  4. SwingKing

    SwingKing Well-Known Member

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    I have mentioned the site in my post. Its available there. Please download it from it.
     
  5. sas1971

    sas1971 New Member

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    yankie thanks a lot ... sharing one's knowledge whether usefull or not without malicious intent is the best selfless thing one can do .. AmitBE thanks a lot for ur upgrade also .. god bless u both
     
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