What kind of logic would be needed to code support and Resistance Indicator ?
Example indicator is here: http://www.pointzero-trading.com/Pro...portResistance
I'd like to know how to develop such an indicator.
One flow might be like this:
1) Mode is resistance: Start from current candle nd pick the highest price that the candle has reached and make this a reference high.
2) As we go over the previous 10/30 candle high and it hasn't reached this reference high then note the high as a support,
draw a horizontal line.
Similar thing for Support.
Then this indicator will have to repainted often as newer candles are formed ?
How do we account for touches ? Is there a better logic ?
Example indicator is here: http://www.pointzero-trading.com/Pro...portResistance
I'd like to know how to develop such an indicator.
One flow might be like this:
1) Mode is resistance: Start from current candle nd pick the highest price that the candle has reached and make this a reference high.
2) As we go over the previous 10/30 candle high and it hasn't reached this reference high then note the high as a support,
draw a horizontal line.
Similar thing for Support.
Then this indicator will have to repainted often as newer candles are formed ?
How do we account for touches ? Is there a better logic ?