Support / Resistance - Exposing hidden levels | Forex Factory

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Support / Resistance - Exposing hidden levels

  • #1
  • First Post: Edited 9:36am Jun 2, 2012 8:33am | Edited 9:36am
I created an indy that shows true support / resistance by analysing candle closes and where they cluster.

It counts the number of candle closes in price groups and the length and colour of the line shows its relevance. You can change the sensitivity of the price groups with the [filter] setting.

I'm publishing this little gem because I'd like the FF hive-mind to help me find the sweet spot for intraday trading. The more input from different users, the more validity a setting will have.

Settings:

extern int LineStart = 276;
Lines are drawn using the number of candles on your screen and the start point is on the left. Change this so it fits your screen / candle zoom setting.

extern int Filter = 40;
The filter decides how big the price groups are and tallies the candle closes contained within this pip group.

extern bool UseCurrentTimeFrame = False;
If you change this to True, it uses the current timeframes to find cluster points. It's set to False by default, because the indy works best by finding clusters on 1min timeframe for example, whilst viewing a 4hour chart.

extern int ClusterTimeFrame = 1;
The timeframe used to find cluster prices. The lower the better but the data is limited as MT4 only holds 36,000 candles on 1min for example, which only covers 150 candles on 4hr chart.

EURUSD Screenshots:

Setting: filter = 40, ClusterTimeFrame = 1min, chart TF = 30mins
http://i.imgur.com/LSPyU.gif

Setting: filter = 750, ClusterTimeFrame = 60min, chart TF = Daily
http://i.imgur.com/DuHwa.gif

Posted chart below to see how coloured boxes are treated next week; orange box would be bid target...

Setting: filter = 5, ClusterTimeFrame = 1min, chart TF = 1hr
http://i.imgur.com/YOiRc.gif

Edit: Uploaded revised indy; previous version kept crashing with certain settings. Removed crappy while loop - i don't like while loops.
Attached File(s)
File Type: mq4 Candle closes tally.mq4   4 KB | 1,298 downloads
Politics is the womb in which war develops.
  • #2
  • Jun 2, 2012 8:34am Jun 2, 2012 8:34am
Reserved
Politics is the womb in which war develops.
  • #3
  • Jun 2, 2012 10:14am Jun 2, 2012 10:14am
This is maket profile. There are a lot of similar indicators.
  • #4
  • Jun 3, 2012 6:12am Jun 3, 2012 6:12am
thank you!
will see how it works online
  • #5
  • Jun 3, 2012 6:53am Jun 3, 2012 6:53am
Nice idea, but if you could make it have more parameters. Like, say I want all the cluster areas of a weekly chart to then drop down to a 1hr chart and trade... That type of thing.

juicyt
"Even if you fall down face first, you still went forward."
  • #6
  • Jun 3, 2012 8:04am Jun 3, 2012 8:04am
@Dezil - Thanks, didn't realise there was such a thing.

@juicyt - I tripled the size of the array to include more data; it now populates closes, highs and lows for each candle in the timeframe you choose.

Also added [extern int countFilter = 1;] so it only shows cluster lines greater than the number you enter.

I excluded the currentTimeframe cluster analysis, input now is from whatever timeframe you wish to analyse.

Here's EURUSD on hourly analysing weekly candle cluster with settings:

extern int Filter = 50;
extern int ClusterTimeFrame = 10080;
extern int countFilter = 1;

I like the way the lines picked up on friday's news volatility.

http://i.imgur.com/iQwyb.gif
Attached File(s)
File Type: mq4 Candle closes tally_v2.mq4   4 KB | 811 downloads
Politics is the womb in which war develops.
  • #7
  • Jun 3, 2012 9:21am Jun 3, 2012 9:21am
Hidden support and resistance? Wouldn't you have more success trading blindingly obvious support and resistance that everyone else can see as well?
  • #8
  • Jun 3, 2012 9:44am Jun 3, 2012 9:44am
Quoting Hugh Briss
Hidden support and resistance? Wouldn't you have more success trading blindingly obvious support and resistance that everyone else can see as well?
I'm lazy and can't be bothered to draw subjective lines on all timeframes for all pairs everyday.

Anyway, here's a fully automated version.

You can play with settings in indy:

int TFArray[] = { 5, 15, 30, 60, 240, 1440, 10080, 43200};
int TFclusterSize[] = { 50, 50,100,100, 100, 200, 200, 200};
int TFcountFilter[] = {100, 50, 20, 10, 5, 2, 1, 1};

EURUSD 15min:
http://i.imgur.com/JUgfi.gif
Attached File(s)
File Type: mq4 Candle clusters SR_v3.mq4   7 KB | 851 downloads
Politics is the womb in which war develops.
  • #9
  • Jun 3, 2012 10:39am Jun 3, 2012 10:39am
Hardworking!
Very nice to see the lines here in the chart.
The less, the better, don't you think so ?

I only have 2 lines(deeppink) in my H4 chart, which work for me for one week or even longer time.
Attached Image (click to enlarge)
Click to Enlarge Name: h4.gif Size: 19 KB
  • #10
  • Jun 3, 2012 10:46am Jun 3, 2012 10:46am
Going through setups, I've decided on this template going into next week; it's clean and shows me which levels were busiest.

The cluster indy is set to 10 pip cluster group on 1min, so that analyses 36,000 candles = 600 hours = 150 candles on 4hr chart.

As a caveat, i take buy/sell signals off Gold, USDX and SP500 and will use this indy to filter viable pairs with corroborated sentiment and PA is in a trough, eg USDCAD is between peaks and gold is bidding up, then wait for 5min bearish engulfing candle and push the sell button.

The lines on right are candle opens: month (purple), week (blue) and year (black).

Numbers in top right are 8EMA distance on daily, day open from weekly open and ADR numbers (grey means it has hit it's 10day ADR).

EURUSD 4 hr
http://i.imgur.com/SnE83.gif
Attached File(s)
File Type: mq4 Candle clusters SR_v4.mq4   5 KB | 1,214 downloads
Politics is the womb in which war develops.
  • #11
  • Jun 3, 2012 1:45pm Jun 3, 2012 1:45pm
can you pls post the indicator you use to plot the support and resistance

regards

raj
  • #12
  • Jun 4, 2012 2:34am Jun 4, 2012 2:34am
Quoting Cosmic Trade
can you pls post the indicator you use to plot the support and resistance

regards

raj
Raj, I don't think it's good for me to post my indicator here in this thread.
Hope the thread owner forgive me posting my indi.
enjoy it please!
Attached File(s)
File Type: ex4 DT-ZigZag-Lauer.ex4   3 KB | 678 downloads
  • #13
  • Jun 4, 2012 3:13am Jun 4, 2012 3:13am
Quoting FiatFap
Going through setups, I've decided on this template going into next week; it's clean and shows me which levels were busiest.

The cluster indy is set to 10 pip cluster group on 1min, so that analyses 36,000 candles = 600 hours = 150 candles on 4hr chart.

As a caveat, i take buy/sell signals off Gold, USDX and SP500 and will use this indy to filter viable pairs with corroborated sentiment and PA is in a trough, eg USDCAD is between peaks and gold is bidding up, then wait for 5min bearish engulfing candle and push the sell button.

The lines...
Hey FF---any chance you could put a colour option in---my favourite template has a white background?. Cheers if you feel like it.
We are all One. Be present. Be the Observer
  • #14
  • Last Post: Oct 7, 2015 12:35am Oct 7, 2015 12:35am
Quoting FiatFap
Going through setups, I've decided on this template going into next week; it's clean and shows me which levels were busiest. The cluster indy is set to 10 pip cluster group on 1min, so that analyses 36,000 candles = 600 hours = 150 candles on 4hr chart. As a caveat, i take buy/sell signals off Gold, USDX and SP500 and will use this indy to filter viable pairs with corroborated sentiment and PA is in a trough, eg USDCAD is between peaks and gold is bidding up, then wait for 5min bearish engulfing candle and push the sell button. The lines on right...
Dear FiatCap

This is the post I have referred to in my private message.

Indicator attached here:
Attached File(s)
File Type: mq4 Candle clusters SR_v4.mq4   5 KB | 707 downloads


many thanks.

Kind regards
Robert
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