Creating a Support & Resistance Indicator | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

ECN && STP && Scalping && Hedging - Broker Review - Oct 2009 24 replies

Good Support & Resistance Indicator Needs a Tweak 3 replies

support & resistance indicator 4 replies

Support & Resistance Indicator for Past Few Days 3 replies

Attachments: Creating a Support & Resistance Indicator
Exit Attachments

Creating a Support & Resistance Indicator

  • #1
  • First Post: Oct 16, 2012 1:58pm Oct 16, 2012 1:58pm
Hello everybody,

Not sure if an indicator similar to what I need is posted somewhere on the forums or not, as I have looked at a ton of them and not found what I need.

If someone would be willing to code this indi for me, that would be so wonderful.

My trading strategy is based on support and resistance lines using 3 day pivot points instead of 1 day pivots. This is how my strategy goes...

I use a spread sheet to input the necessary values and then plot them on the chart with the horizontal line tool. I would like to automate this process...

3 Day Pivots

1. 3 day high...example: 1.5016
2. 3 day low...example: 1.4805
3. 3 day close...example: 1.4960

Formula:

PP = (High + Low + Close)/3
Support = 2*PP-High
Resistance = 2*PP-Low

Plugging in the values above into the formula results in the following:

PP = (1.5016 + 1.4805 + 1.4960)/3 = 1.4927
Support (S1) = 2*1.4927-1.5016 = 1.4838
Resistance (R1) = 2*1.4927-1.4805 = 1.5049


In addition to the indi plotting these values as horizontal lines, the 3 Day High, Low and close should be plotted as well, as they also serve as support and resistance lines. It should be noted (just for clarification) that the "3 Day Close" is actually the close of the current trading day.

I would even be willing to negotiate a fee, if that's allowed...

Thanks in advance,

Steven Gautreaux
  • #2
  • Oct 16, 2012 8:20pm Oct 16, 2012 8:20pm
Hi,
Are you sure about the Close being for the current day? this would cause the pivots to continually alter through out the day, usually you would use the previous day Close.

Regards CJA
Trade what you see not what you hope
  • #3
  • Oct 17, 2012 2:47am Oct 17, 2012 2:47am
Hopefully this will do what you ask.

You are free to arrange any fees that you wish :-)

A box of chocs or a bottle of wine would make me happy.

M.
Attached File(s)
File Type: mq4 Steven 3Day Pivot.mq4   2 KB | 371 downloads
If you think I'm mad, I must be mad
  • #4
  • Oct 17, 2012 3:55pm Oct 17, 2012 3:55pm
Quoting cja
Hi,
Are you sure about the Close being for the current day? this would cause the pivots to continually alter through out the day, usually you would use the previous day Close.

Regards CJA
You are right...I think I messed up in writing that...I am horrible at explaining things like this so what I will do, and hopefully won't get into trouble, is attach the PDF of the trading strategy...so let me know if it would be ok to upload that...it was a free gift strategy and I really like it, and just wanted to automate it a little...sorry for the delayed response as I have been at work and was just able to get back to the forum...
  • #5
  • Oct 17, 2012 4:00pm Oct 17, 2012 4:00pm
Quoting futurespec
Hopefully this will do what you ask.

You are free to arrange any fees that you wish :-)

A box of chocs or a bottle of wine would make me happy.

M.

Thanks for the response...I loaded the indi you programmed but it's off and I think that that is my fault...if no-one has any objections, as I indicated to cja, I will upload the PDF file with the complete strategy and let you look it over and perhaps a do over can be done...thanks again for you interest in helping a fellow trader.

Cheers,


Steven
  • #6
  • Edited 11:20pm Oct 17, 2012 5:36pm | Edited 11:20pm
Quoting stevenjg12
Thanks for the response...I loaded the indi you programmed but it's off and I think that that is my fault...if no-one has any objections, as I indicated to cja, I will upload the PDF file with the complete strategy and let you look it over and perhaps a do over can be done...thanks again for you interest in helping a fellow trader.

Cheers,


Steven
Try this I have coded it to use the previous day for the close and previous 3 days for the high/low. See if the levels line up with your calculations. If it is correct then I can add in the line/text colors width style color etc into the inputs for you.

Attached File(s)
File Type: mq4 3 Day Pivots v1.1.mq4   5 KB | 689 downloads


Attached Image (click to enlarge)
Click to Enlarge Name: 3day.gif Size: 16 KB
Trade what you see not what you hope
  • #7
  • Oct 17, 2012 6:09pm Oct 17, 2012 6:09pm
Quoting cja
Try this I have coded it to use the previous day for the close and previous 3 days for the high/low. See if the levels line up with your calculations. If it is correct then I can add in the line/text colors width style color etc into the inputs for you.

Attachment

CJA,

That is right on!!! Man This is wonderful, and thank you so much for taking time out of your schedule to do this for me...I would ask one additional line. If you can include the close for the previous day, then this indi would be gold for the strategy. Depending on the market sentiment, the close of the previous day is also used as support and resistance. I could draw it manually, but if you can include it, that would be one less step for me.

This is too cool...sorry if I sound a little giddy


Kindest Regards,


Steven
  • #8
  • Oct 17, 2012 11:32pm Oct 17, 2012 11:32pm
Quoting stevenjg12
CJA,

That is right on!!! Man This is wonderful, and thank you so much for taking time out of your schedule to do this for me...I would ask one additional line. If you can include the close for the previous day, then this indi would be gold for the strategy. Depending on the market sentiment, the close of the previous day is also used as support and resistance. I could draw it manually, but if you can include it, that would be one less step for me.

This is too cool...sorry if I sound a little giddy


Kindest Regards,


Steven
All done and the new indicator v1.1 posted on the above post I have put all the color width style options into the inputs so it makes it easy to customise the lines and I have added the Close line and given the High/low Close an option to display or not. I also rectified the R1 / S1 levels as I had them the wrong way around in the previous version.
Trade what you see not what you hope
  • #9
  • Last Post: Oct 18, 2012 6:56am Oct 18, 2012 6:56am
Quoting cja
All done and the new indicator v1.1 posted on the above post I have put all the color width style options into the inputs so it makes it easy to customise the lines and I have added the Close line and given the High/low Close an option to display or not. I also rectified the R1 / S1 levels as I had them the wrong way around in the previous version.

CJA,

Absolutely fantastic!!! Thanks so much...works like a charm
0 traders viewing now