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Looking for a Support and Resistance indicator

  • #1
  • First Post: Feb 2, 2013 11:26am Feb 2, 2013 11:26am
I'm looking to use support and resistance in my code and looking for such indicator. Can some one recommend best ones out there?
  • #2
  • Feb 2, 2013 10:49pm Feb 2, 2013 10:49pm
I'm going to tell you right away that you're not likely to find anything decent. A few months ago when I had some free time I wanted to objectify my own support and resistance areas and wrote a program in C++ that took an XML dump of market data and looked for zones in that. An autoit script subsequently drew them onto my chart for me. Needless to say, the process for identifying strong zones requires many CPU cycles to classify and then check swing points against each other and implementing that in a software provided script language is going to end up being painfully slow, depending on your own subjective parameters such as the maximum distance between swing points for it to be considered the same zone. By the time I had gotten sick of messing with it I'd figured out that it was better to just eyeball it instead of trying to find the perfect combination of parameters...it depends so much on the currency pair you're trading as well as market conditions at the time. And really, that's all you need - if you see something, other people probably see it too. Just don't look too hard!
  • #3
  • Feb 3, 2013 2:03am Feb 3, 2013 2:03am
Quoting Kanzler
I'm going to tell you right away that you're not likely to find anything decent. A few months ago when I had some free time I wanted to objectify my own support and resistance areas and wrote a program in C++ that took an XML dump of market data and looked for zones in that. An autoit script subsequently drew them onto my chart for me. Needless to say, the process for identifying strong zones requires many CPU cycles to classify and then check swing points against each other and implementing that in a software provided script language is going to...

Hi,

I agree with Kansler.
It is subjective how we draw the support and resistance levels.
I stick to an old fashioned way using Line Chart which shows the Close prices.
Something which is explained in babypips .com
http://www.babypips.com/school/suppo...esistance.html

I find using the Weekly Line chart is effective since I trade off the H4 chart Timeframe. I only need to update some new lines as market progress.

Example using GU.
Attached Image (click to enlarge)
Click to Enlarge Name: GU W S&R using Line Chart.png Size: 27 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #4
  • Feb 3, 2013 6:34am Feb 3, 2013 6:34am
@emmanuel7788:
Thanks for your thoughts sharing with us here.
I have tried to find a simple indicator which draws the WEEKLY-CLOSE but couldn't find anything.
Since I am drawing so many lines in my charts by myself I would like to have the WEEKLY-CLOSE being automated as this needs some extra-time by the trader and it's not a big thing .

May you have an indicator for that? Or some other traders here would like to share their indis?

Thanks for any help and ideas regarding this.
Greeds Zack
  • #5
  • Feb 4, 2013 3:59pm Feb 4, 2013 3:59pm
Thanks you for your replies.

My initial feeling was that even though it is visually obvious for us to draw support and resistance lines it wouldn't be easy to actually program it. And had hoped maybe there was an indicator out there already.

I heard daily pivots are widely used in automated systems and this kind of explains it.
  • #6
  • Feb 4, 2013 4:47pm Feb 4, 2013 4:47pm
Quoting CoolJL
Thanks you for your replies.

My initial feeling was that even though it is visually obvious for us to draw support and resistance lines it wouldn't be easy to actually program it. And had hoped maybe there was an indicator out there already.

I heard daily pivots are widely used in automated systems and this kind of explains it.
'easy' is relative. i've got my own s/r indi which i'm not giving to anyone. one person would say what i've done is hard... so be it.

if you are any good at maths and have some idea of how to optimize things then you should just try to make one yourself. understanding trigonometry tangents, ala primary school line math y = mx + c, will get you half the distance.
Congratulations ScalaFX for coming out of the closet!
  • #7
  • Feb 4, 2013 5:37pm Feb 4, 2013 5:37pm
We used to have a saying amoung techies - coding is easy except for the person who actually does it.
  • #8
  • Feb 4, 2013 7:24pm Feb 4, 2013 7:24pm
Quoting CoolJL
I'm looking to use support and resistance in my code and looking for such indicator. Can some one recommend best ones out there?
You can try this one if you want to. It attempts to get around the 'subjective' aspect of S/R by including a number of customizable settings, but that makes for a learning curve. Also, please note the disclaimers in post #1 of the thread. I don't have a lot of time these days to support or modify the indys that I posted in bygone years, hence they are offered on a 'take it or leave it' basis. Hope it helps.
  • #9
  • Feb 4, 2013 9:59pm Feb 4, 2013 9:59pm
Quoting CodeMeister
We used to have a saying amoung techies - coding is easy except for the person who actually does it.
lol.

easy, or hard? for, or to?
Congratulations ScalaFX for coming out of the closet!
  • #10
  • Feb 4, 2013 10:31pm Feb 4, 2013 10:31pm
Quoting nubcake
'easy' is relative. i've got my own s/r indi which i'm not giving to anyone. one person would say what i've done is hard... so be it.

if you are any good at maths and have some idea of how to optimize things then you should just try to make one yourself. understanding trigonometry tangents, ala primary school line math y = mx + c, will get you half the distance.
I don't recall requiring any of that when I wrote mine.
  • #11
  • Feb 4, 2013 11:31pm Feb 4, 2013 11:31pm
Quoting Kanzler
I don't recall requiring any of that when I wrote mine.
who's a special little coder? YOU are a special little coder! yes you are! yes you are!!! *pinches your cheek*

ahem, considering 2 things....

1) for one reason or another i have you on ignore and had to reveal your post to read it. you are probably friends with that other genius vcr programmer derpeyd, or someone else who is similarly 'gifted'. i forget why you made the list, but you did. so that doesn't endear me to the idea that you have a clue.
2) and i quote :

Quoting Kanzler
Needless to say, the process for identifying strong zones requires many CPU cycles to classify and then check swing points against each other and implementing that in a software provided script language is going to end up being painfully slow, depending on your own subjective parameters such as the maximum distance between swing points for it to be considered the same zone. By the time I had gotten sick of messing with it I'd figured out that it was better to just eyeball it instead of trying to find the perfect combination of parameters...it...
... i think i'll go to sleep satisfied with my code which DOES use a bare minimum of basic line-related maths because i'm fucking awesome like that, and my code does NOT "end up being painfully slow" because i can optimize some things and remove redundant calculations and make some situations far more efficient than they might otherwise be if it was coded by a nooblet. it's not lightning fast, but it's certainly not locking-up mt4 or anything sad like that.

sorry that i'm not as good as you, but when generating lines for horizontal s/r and angled trend lines i somehow, in my infinite retardation, found a use for calculations of line deltas and whatnot. MY BAD.

point is that every day some genius on here says what can't be coded, and i think to myself "... you are wrong".
Congratulations ScalaFX for coming out of the closet!
  • #12
  • Feb 4, 2013 11:54pm Feb 4, 2013 11:54pm
Quoting nubcake
who's a special little coder? YOU are a special little coder! yes you are! yes you are!!! *pinches your cheek*

ahem, considering 2 things....

1) for one reason or another i have you on ignore and had to reveal your post to read it. you are probably friends with that other genius vcr programmer derpeyd, or someone else who is similarly 'gifted'. i forget why you made the list, but you did. so that doesn't endear me to the idea that you have a clue.
2) and i quote :



... i think i'll go to sleep satisfied with my code which DOES use a bare...
Chill - it was just a quip. How I ended up on your ignore list is beyond me but if you're free to add whomever you care to it - not a loss on my part quite frankly. My code didn't bother to look at trendlines because I place minimal stock in them personally. If they did, the mathematics you point out would be relevant. As far as I'm aware the OP isn't referring to these trendlines but I could very well be mistaken.

I didn't say it couldn't be coded but what I wrote would probably be slow on a scripting language. It all depends on what parameters and tolerance you place on your zones...there's a huge difference looking for zones with a tolerance of 50 pips on an hourly chart ('zones' everywhere) versus 5 pips where swings are fairly close together.
  • #13
  • Feb 7, 2013 1:10pm Feb 7, 2013 1:10pm
Quoting hanover
You can try this one if you want to. It attempts to get around the 'subjective' aspect of S/R by including a number of customizable settings, but that makes for a learning curve. Also, please note the disclaimers in post #1 of the thread. I don't have a lot of time these days to support or modify the indys that I posted in bygone years, hence they are offered on a 'take it or leave it' basis. Hope it helps.

Thank you, I'll have a go.
  • #14
  • Mar 14, 2013 8:34am Mar 14, 2013 8:34am
I use the simple "support and resistance" indicator, it simply draws a dotted line and then you can add a complete line yourself to get the idea of the support and resistance from those points. In my experience they have always proven to be very effective.
here is :
Attached File(s)
File Type: ex4 Support and Resistance (Barry).ex4   2 KB | 895 downloads
  • #15
  • Aug 20, 2018 7:16am Aug 20, 2018 7:16am
Hy Guys

I have support and resistance indicator with alert by Barry. This indicator alert when a support or resistance is formed. Currently this indicator can only alert on trend reversal, higher low and lower high.

I will like someone to add an alert when the market price breaks or equals to a recent support or resistance level (doted levels)

After this modification this indicator should be able to alert when a higher high or lower low is formed. hh and ll shows the start of a trend or trend continuation, hl and lh is for trend confirmation.

Thanks in Advance.
Attached File(s)
File Type: mq4 Support and Resistance (Barry) with alerts.mq4   7 KB | 484 downloads
  • #16
  • Aug 20, 2018 2:48pm Aug 20, 2018 2:48pm
Quoting forextwo
Hy Guys I have support and resistance indicator with alert by Barry. This indicator alert when a support or resistance is formed. Currently this indicator can only alert on trend reversal, higher low and lower high. I will like someone to add an alert when the market price breaks or equals to a recent support or resistance level (doted levels) After this modification this indicator should be able to alert when a higher high or lower low is formed. hh and ll shows the start of a trend or trend continuation, hl and lh is for trend confirmation. Thanks...
This one is the same if you keep the fractal period = 5, and if I'm understanding correctly the alerts should do like you are looking for.
Attached Image (click to enlarge)
Click to Enlarge Name: f s r.png Size: 43 KB
Attached File(s)
File Type: mq4 Fractals - support and resistance (mtf + alerts).mq4   6 KB | 897 downloads
  • #17
  • Aug 21, 2018 2:30am Aug 21, 2018 2:30am
Quoting mrtools
{quote} This one is the same if you keep the fractal period = 5, and if I'm understanding correctly the alerts should do like you are looking for. {image} {file}
I will like to thank you mrtools by your time and effort to help on coding Fractal support and resistance indicator, I have downloaded and ran it in my mt4 platform, it draw support and resistance the way I want it, but the problem is I don’t get the popup message and sound alerts, I don’t know if the problem is with my mt4 platform or not.

WHEN YOU HAVE ENOUGH TIME can you please check it on your side and confirm if it does give popup message and sound alerts so that I can know the problem is on my side.

Thanks once again
  • #18
  • Last Post: Edited 8:14am Aug 21, 2018 7:46am | Edited 8:14am
Quoting forextwo
{quote} I will like to thank you mrtools by your time and effort to help on coding Fractal support and resistance indicator, I have downloaded and ran it in my mt4 platform, it draw support and resistance the way I want it, but the problem is I don’t get the popup message and sound alerts, I don’t know if the problem is with my mt4 platform or not. WHEN YOU HAVE ENOUGH TIME can you please check it on your side and confirm if it does give popup message and sound alerts so that I can know the problem is on my side. Thanks once again

Last time i checked it was working,waiting for a signal to confirm now.

ps) just got an alert
Attached Image (click to enlarge)
Click to Enlarge Name: fsr alerts.png Size: 84 KB
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