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Need Best Support and Resistance Indicator

  • #221
  • Mar 29, 2017 5:16am Mar 29, 2017 5:16am
yes right more we will wait for this thread purpose...
Success is a Journey Not a Destination....... kind regards ramzam
  • #222
  • Apr 7, 2017 10:16am Apr 7, 2017 10:16am
Quoting abokwaik
Uses of S/R Lines or Zones: Probable entry areas after evaluating price action around them Probable exit/scaling out areas as price approaches them Scale In zones in the direction of the primary trend Avoidable areas if distance from entry point is too close to these zones.
[2]
Hello Khalil,

As you know I have started a new thread by modding your indicator. https://www.forexfactory.com/showthread.php?t=653850

The only difference is that instead of using ATR for volatility, I used abs(close[1] - close [2]) of the 5 minute bars and it works amazingly.

Now I would like to pass on to the next stage of improving things a bit.
Here is my idea.

Finding the random walk levels for the remaining of the day....
Let's say using the current bar we calculate how many minutes left until closing of the day. We use 5 minutes only in our calculations. Then the task becomes:

Close[0] + ( Sqrt(Minutes Left / 5 minutes) * Volatility * ZScores)
Close[0] - (Sqrt(Minutes Left / 5 minutes) * Volatility * ZScores)

It will be a dynamic indicator which will draw at every new tick. The purpose of the indicator would be to see if there is enough room to achieve take profit ( or SL).

Thank you...

Atilla
  • #223
  • Jun 23, 2017 5:17pm Jun 23, 2017 5:17pm
my belief is that just about any support resistance indicator will perform adequately... it's all about the timing across multiple pairs that matters more..

i found a good video that gives an explanation of sorts:
Inserted Video


from this link>>> https://www.mql5.com/en/code/11609

since we are using currency PAIRS (not the dollar index or euro index or any other index) a correlation dashboard, would be ideal i would think... in other words look at correlated pairs ... or test non-correlated pairs,,,what happens when one hits s/r first... what happens with the other correlated pair?

point being once one currency hits an s/r and does something..another one will no doubt follow ... so it's like a leading indicator..follow the leader .... an s/r dashboard would be needed to show what pairs are hitting s/r around the same time....

just an idea
  • #224
  • Jun 23, 2017 5:25pm Jun 23, 2017 5:25pm
Quoting dagoods
my belief is that just about any support resistance indicator will perform adequately... it's all about the timing across multiple pairs that matters more.. i found a good video that gives an explanation of sorts: https://www.youtube.com/watch?v=TMicvKjaze8 from this link>>> https://www.mql5.com/en/code/11609 since we are using currency PAIRS (not the dollar index or euro index or any other index) a correlation dashboard, would be ideal i would think... in other words look at correlated pairs ... or test non-correlated pairs,,,what...
Your idea about correlated currency pairs behaviour at S/R is a fact. The tricky part is that they usually act at the same time which leads to late entry.
No guts, no glory
  • #225
  • Edited 3:42pm Jun 29, 2017 3:16pm | Edited 3:42pm
Quoting abokwaik
{quote} Your idea about correlated currency pairs behaviour at S/R is a fact. The tricky part is that they usually act at the same time which leads to late entry.
yes. it is a fact. correlated is not necessarily the same as in "synch" i think of correlation as "follow the leader" whereas "in synch" is different in my mind. In my mind in sync is more along the lines of happening at the exact same time...

my friend, you have already created all the tools one needs.... your yen trader, your lvcs your s/r ... is just a matter of putting in the timing perhaps

i've posted some real time charts for one & all in my thread.. i've simply used co-ordinated pivots/fractal break outs as timing or a triangular synchronization... the examples shown are using the triangles of au, aj, and uj as well as an earlier example using ej eu and uj.... i did it naked(not literally lol).... surely an indicator would be more useful than me posting charts for everyone LOL

see my latest series of posts>>>>>>> https://www.forexfactory.com/showthr...7#post10036657
  • #226
  • Jul 27, 2017 11:50am Jul 27, 2017 11:50am
This indicator draws rectangles only for the current day. Can some one make it to display the rectangles on every day in history?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 142 KB
Attached File(s)
File Type: mq4 Fib_SR.mq4   7 KB | 2,682 downloads
  • #227
  • Jul 27, 2017 1:01pm Jul 27, 2017 1:01pm
Quoting alexprabhu
This indicator draws rectangles only for the current day. Can some one make it to display the rectangles on every day in history? {file} {image}
Neat. It looks like it's drawing a zone between the floor pivot and the fib pivot.
  • #228
  • Jul 28, 2017 11:13pm Jul 28, 2017 11:13pm
im looking for SnR indicator that draw horizontal line based on closed price or line chart like TLB v2 but with draw all posibble line on chart and not redraw like TLB indi, if anyone have pleasee share to me.
thanks
  • #229
  • Jul 30, 2017 12:11pm Jul 30, 2017 12:11pm
Hello,

does anyone has the MQ4 of this indicator?
(I am not sure if the name of this indicator always was xsr maybe someone renamed it)
Attached File(s)
File Type: ex4 xSR (1).ex4   29 KB | 1,729 downloads
  • #230
  • Sep 7, 2017 6:52am Sep 7, 2017 6:52am
Dear Master Coders and Master Traders,

I am looking all over Google for a Pivot daily Indicator which auto reloads every days @ specified time and sends email with all Pivot Point levels , R1 R2 R3 R4 R5 || S1 S2 S3 S4 S5 at given local time.

So that we can specify the same for early morning and see the email with levels. It will be great, if someone help to get a single indicator or ea where we can add multiple pair, and get email for each pair separately.

Thank you in advance.
Nothing is impossible. the word says i'm possible
  • #231
  • Nov 7, 2017 4:51am Nov 7, 2017 4:51am
hi
has anyone managed to find the best support & resistance indicator please?
thanks
Say, “He Is Allah, [Who Is] One, Allah, the Eternal Refuge.
  • #232
  • Nov 13, 2017 8:02am Nov 13, 2017 8:02am
Hi guys,
what you are searching for is maybe what this coder has to offer...

https://www.mql5.com/en/market/product/14392

though it is not free
greetz
Check page 1 for all infos...
  • #233
  • Nov 15, 2017 4:12am Nov 15, 2017 4:12am
Quoting alexprabhu
This indicator draws rectangles only for the current day. Can some one make it to display the rectangles on every day in history? {file} {image}
same only i am also searching... till now unable to find
Success is a Journey Not a Destination....... kind regards ramzam
  • #234
  • Nov 17, 2017 3:05pm Nov 17, 2017 3:05pm
here is the best indicator which show support and resistance zones
Attached File(s)
File Type: ex4 Supply_Demand_Zones.ex4   36 KB | 3,020 downloads
  • #235
  • Nov 17, 2017 3:47pm Nov 17, 2017 3:47pm
I've read this whole thread - and the one that Atilla originally wrote. To let you know, I'm not actually working in this platform, but have been working on various custom indicators on other platforms (mostly in C++ for my own world), so I have what I believe to be a solid background on the problems and hopefully a valid question and solution scenario:

I saw that Atilla (up above) talked about making an indicator that was more dynamic (essentially it re-calcs the support/resistance levels on every new bar) - while the logic is not terribly hard, is it valid for the problem at hand?

Finding the random walk levels for the remaining of the day....
Let's say using the current bar we calculate how many minutes left until closing of the day. We use 5 minutes only in our calculations. Then the task becomes:

Close[0] + ( Sqrt(Minutes Left / 5 minutes) * Volatility * ZScores)
Close[0] - (Sqrt(Minutes Left / 5 minutes) * Volatility * ZScores)

It will be a dynamic indicator which will draw at every new tick. The purpose of the indicator would be to see if there is enough room to achieve take profit ( or SL).


Do you guys think it is important to recalc it in the above manner (given realtime bars) - and that the 'random walk' result would be more applicable . . . for a given trade that one is getting ready to exercise? Obviously a realtime incarnation can (depending on price action) continuously move the S/R levels - as they are now dynamic. Why I ponder it is that the smoothing value of 288 is continuously reduced . . . which makes it 'less smooth'.

What I wonder is if you really want this:

  1. Continue to use the same 288 bars as before (same smoothing factor)
  2. BUT, instead of the index or END of the smoothing to be the start of today (today's first 5 minute bar)
  3. MOVE the starting index continuously - based on the current/newly created 5 minute bar.

Essentially what I'm saying is that we keep moving the 'starting bar' and associated 288 bar window FORWARD as the day progresses. Hopefully I'm making sense here.

Thanks is advance for putting up with a 'newbie' here.

Thoughts on this?
ST

  • #236
  • Nov 17, 2017 4:41pm Nov 17, 2017 4:41pm
Quoting SlingTrade
I've read this whole thread - and the one that Atilla originally wrote. To let you know, I'm not actually working in this platform, but have been working on various custom indicators on other platforms (mostly in C++ for my own world), so I have what I believe to be a solid background on the problems and hopefully a valid question and solution scenario: I saw that Atilla (up above) talked about making an indicator that was more dynamic (essentially it re-calcs the support/resistance levels on every new bar) - while the logic is not terribly hard,...
Great post Sling...
As far as the smoothness goes, it would always be smooth because I use one week rolling volatility. This way the volatility is not effected too much with the recent price action. As the number of bars left for the day gets less and less, you can clearly see the boundaries left for the price to move.

Does unexpected price action happen outside the expected boundaries? Yes, but very insignificant times, so it is not a big factor.
At the moment I am playing around with this type of indicator and it looks very good. I must add that I was using moving average of volatility (1440 of 5 minutes bars, one rolling week) before, now I am using least squares moving average of the same volatility data. So the results seem much more realistic and much better.

Good luck...
  • #237
  • Nov 17, 2017 6:31pm Nov 17, 2017 6:31pm
Quoting abokwaik
Thanks for the contributions, I will test the shared indicators. Valid zones as I see them, should: visible using line chart (close price) acted at least 2 times as resistance or support or at least 1 time as resistance and 1 time as support the more touches these zones have the stronger the become should be distributed fairly on the chart (not many and not so close together)
You are a smart dude. May i suggest you investigate WHY SRs are created? May i suggest you investigate what conditions are appropriate for price to revert BEFORE SR lines are formed?

Price does not revert because of what we see on charts and in history. There is a far superior way to trade a bounce without drawing or identifying a line....as an early indicator signal. Depending on the force/momentum, price might momentarily break the SR but it WILL revert back if you look for the ripe conditions that form such perceived SRs. Seeing on chart only tricks you into seeing what has already occurred.
Just my 2 cents to point you in a direction that helped me in my journey.

Edit: sorry to quote you on an old post. Hope you found what you were looking for.
Staying in my lane...
  • #238
  • Edited 10:25am Nov 18, 2017 8:04am | Edited 10:25am
Quoting GoldTheHun
{quote} Great post Sling... As far as the smoothness goes, it would always be smooth because I use one week rolling volatility. This way the volatility is not effected too much with the recent price action. As the number of bars left for the day gets less and less, you can clearly see the boundaries left for the price to move. Does unexpected price action happen outside the expected boundaries? Yes, but very insignificant times, so it is not a big factor. At the moment I am playing around with this type of indicator and it looks very good. I must...
Hey GTH - I'm interested in how you've changed from the SMA of volatility . . . would you share the algo/math you're using now? I'll code it into my C++ platform and generate some "charts" from my database of historical price bars (using 5 minute ones). I'm curious as to what it will "look like" in compare/contrast to the original method. I can overlay both sets of data on the same screen - just to see how the price action stacks up.

I'll share the results back with you and this site.

Much appreciate you getting back with me.

ST
  • #239
  • Nov 18, 2017 8:08am Nov 18, 2017 8:08am
Quoting VEEFX
{quote} You are a smart dude. May i suggest you investigate WHY SRs are created? May i suggest you investigate what conditions are appropriate for price to revert BEFORE SR lines are formed? Price does not revert because of what we see on charts and in history. There is a far superior way to trade a bounce without drawing or identifying a line....as an early indicator signal. Depending on the force/momentum, price might momentarily break the SR but it WILL revert back if you look for the ripe conditions that form such perceived SRs. Seeing on chart...
Hey VEEFX, given what you've seen can you share more about your 'early indicator signal'. You mention 'ripe conditions' and the rules/behavior behind the movements around SR zones . . . I'd love to know more about what you've experienced and if you've ever created a math algo to represent it? I'd love to give it a try and I'd add it to my above tests - would be fun to compare/contrast and see if your context is better and WHEN is it better. Everything is a shade of grey in my mind - the question is when do things become more black and white - versus not.

THANKS!
ST
  • #240
  • Nov 18, 2017 11:25am Nov 18, 2017 11:25am
Quoting SlingTrade
{quote} Hey GTH - I'm interested in how you've changed from the SMA of volatility . . . would you share the algo/math you're using now? I'll code it into my C++ platform and generate some "charts" from my database of historical price bars (using 5 minute ones). I'm curious as to what it will "look like" in compare/contrast to the original method. I can overlay both sets of data on the same screen - just to see how the price action stacks up. I'll share the results back with you and this site. Much appreciate you getting back with me. ST...
Sure Sling, no problem.
Here is the logic of the code:

The volatility of the bars:
Volatility[i]=(MathAbs(MathLog(iClose(NULL, PERIOD_M5, i) / iClose(NULL, PERIOD_M5, i+1))));

Than the least square ma part: (For the MA Length I always use 1440, 1 week of 5 minute bars)

LeastSquareVolatility[i]=(3.0*iMAOnArray(Volatility, 0, MaLen, 0, MODE_LWMA, i)) - (2.0*iMAOnArray(Volatility, 0, MaLen, 0, MODE_SMA, i));

Now you can apply the volatility to

Close[0] + ( Sqrt(Minutes Left / 5 minutes) * LeastSquareVolatility* ZScores)
Close[0] - (Sqrt(Minutes Left / 5 minutes) * LeastSquareVolatility* ZScores)

Z Scores would be 1.00, 1.645, 1.96, 2.58

Hope this helps..

Good Luck...
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