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Need Best Support and Resistance Indicator

  • #121
  • Jan 8, 2017 4:53am Jan 8, 2017 4:53am
Quoting Dr.Phoenix
{quote} Very good, indeed. By this way we can calculate intraday levels, I think. However I have a question - you use multipliers of 1.28, 1.645, 1.96. Why are exactly these? Are these calculated or found empirically? Best D.P. P.S. About Z-score - https://statistics.laerd.com/statist...dard-score.php
Thanks for the link.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #122
  • Jan 8, 2017 5:59am Jan 8, 2017 5:59am
Quoting Dr.Phoenix
{quote} Very good, indeed. By this way we can calculate intraday levels, I think. However I have a question - you use multipliers of 1.28, 1.645, 1.96. Why are exactly these? Are these calculated or found empirically? Best D.P. P.S. About Z-score - https://statistics.laerd.com/statist...dard-score.php
Thanks Dr. Those figures are the critical values of Z-Scores in Statistics.
http://www.math.armstrong.edu/statsonline/5/5.3.2.html

Z-Score of 1 represents %67 of all data
1.28 = %80
1.645 = %90
1.96 = %95
2.58 = %99

So when you multiply the ATR figures with -2.58 and +2.58, we are actually expecting Today's trading range to stay between these figures %99 of the time.
  • #123
  • Edited 6:54am Jan 8, 2017 6:28am | Edited 6:54am
Quoting GoldTheHun
{quote} Thanks Dr. Those figures are the critical values of Z-Scores in Statistics. http://www.math.armstrong.edu/statsonline/5/5.3.2.html Z-Score of 1 represents %67 of all data 1.28 = %80 1.645 = %90 1.96 = %95 2.58 = %99 So when you multiply the ATR figures with -2.58 and +2.58, we are actually expecting Today's trading range to stay between these figures %99 of the time.
Aaargh..

Best
D.P.

P.S. I prefer to make decisions by means of standart deviation calculations usage (VWAP plus SD bands).
P.P.S. Volatility is nonpermanent, it is variable of time. That is why, I think, it is interesting to see how bands based on Z-Score calculations behave intraday, forming a channel. Calculations might be fulfilled, let us say, periodically, once a 15 min or an hour, for example. However, it is a different thing to discuss, needs another thread.
Hunting High and Low
  • #124
  • Jan 8, 2017 7:04am Jan 8, 2017 7:04am
Quoting Dr.Phoenix
{quote} Aaargh.. Best D.P. P.S. I prefer to make decisions by means of standart deviation calculations usage (VWAP plus SD bands). P.P.S. Volatility is nonpermanent, it is variable of time. That is why, I think, it is interesting to see how bands based on Z-Score calculations behave intraday, forming a channel. Calculations might be fulfilled, let us say, periodically, once a 15 min or an hour, for example.
They behave quite good actually. I have them in excel sheet, and markets seem to obey them.

"P.P.S. Volatility is nonpermanent, it is variable of time."
Exactly thats why the formula takes time into consideration, actually it is based on ATR and time.
Lets take the daily expected ranges as an example.
We find the 5 minute tf ATR of the one rolling week. A week has 1440 of 5 minute bars. So we find the ATR(1440) of 5 minute timeframe. We have our base volatility. Lets say ATR(1440) = 7 pips.
For daily calculations the expected Range becomes
Minutes in a day = 1440
ATR calculated Time Frame = 5

So our range expectancy becomes
High of the day expectancy = DayOpen + (ZValue * sqrt(1440/5))
Low of the day expectancy = DayOpen - (ZValue * sqrt(1440/5))

Now we do these 2 calculations for the ZValues of 1, 1.28, 1.645, 1.96, 2.58

As a result we get 5 different expected values for the daily high, and 5 different expected values for the daily low.

The high values become our resistance, low values become our support.

I hope it is clear. If not please let me know.
Good luck
  • #125
  • Jan 8, 2017 7:05am Jan 8, 2017 7:05am
Hi abokwaik
I think this indicator will suitale for you. Try it you will see which one need modify
I used it with 240 mins only, look back 21 bars
Green pips for u
Cheers
Attached File(s)
File Type: mq4 SR Levels v1.1.mq4   6 KB | 3,807 downloads
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH1.png Size: 52 KB
  • #126
  • Jan 8, 2017 7:35am Jan 8, 2017 7:35am
Quoting GoldTheHun
{quote} They behave quite good actually. I have them in excel sheet, and markets seem to obey them. "P.P.S. Volatility is nonpermanent, it is variable of time." Exactly thats why the formula takes time into consideration, actually it is based on ATR and time. Lets take the daily expected ranges as an example. We find the 5 minute tf ATR of the one rolling week. A week has 1440 of 5 minute bars. So we find the ATR(1440) of 5 minute timeframe. We have our base volatility. Lets say ATR(1440) = 7 pips. For daily calculations the expected Range becomes...
There is no need for clearance, but thanks. I undestood your methodology at once.
I undertsantd what you are doing and how you are using... Thanks anyway.

I just proposed to take note and to program an indicator for those, who are reading these lines. Maybe someone take a note and make it, I (or you) could be of help then. But my thoughts were aimed at the intraday usage.

Best
D.P.
Hunting High and Low
  • #127
  • Jan 8, 2017 7:37am Jan 8, 2017 7:37am
Quoting Dr.Phoenix
{quote} There is no need for clearance, but thanks. I undestood your methodology at once. I undertsantd what you are doing and how you are using... Thanks anyway. I just proposed to take note and to program an indicator for those, who are reading these lines. May be someone take a note and make it, I (or you) could be of help then. Best D.P.
Well Dr, thank you too for taking interest in it.
Have a great week...
  • #128
  • Jan 8, 2017 8:01am Jan 8, 2017 8:01am
Quoting GoldTheHun
{quote} Well Dr, thank you too for taking interest in it. Have a great week...
GoldTheHun, your findings are smart enough.
They need being taken into consideration.

Have a great week.
D.P.
Hunting High and Low
  • #129
  • Jan 8, 2017 11:19am Jan 8, 2017 11:19am
Quoting abokwaik
{quote} OK Nicholishen, you got my attention. I will try to code your idea.
This is my first try using Nicholishen's idea ...

Significant Price Points


Attached Image (click to enlarge)
Click to Enlarge Name: SPP_1.png Size: 118 KB


Attached Image (click to enlarge)
Click to Enlarge Name: spp_2.png Size: 28 KB


Attached Image (click to enlarge)
Click to Enlarge Name: spp_3.png Size: 26 KB
Attached File(s)
File Type: ex4 SignificantPricePoints.ex4   17 KB | 3,046 downloads
No guts, no glory
  • #130
  • Jan 8, 2017 11:24am Jan 8, 2017 11:24am
Quoting GoldTheHun
{quote} They behave quite good actually. I have them in excel sheet, and markets seem to obey them. "P.P.S. Volatility is nonpermanent, it is variable of time." Exactly thats why the formula takes time into consideration, actually it is based on ATR and time. Lets take the daily expected ranges as an example. We find the 5 minute tf ATR of the one rolling week. A week has 1440 of 5 minute bars. So we find the ATR(1440) of 5 minute timeframe. We have our base volatility. Lets say ATR(1440) = 7 pips. For daily calculations the expected Range becomes...
Let's put this method into an indicator and see how it goes.
No guts, no glory
  • #131
  • Jan 8, 2017 11:33am Jan 8, 2017 11:33am
Quoting abokwaik
{quote} This is my first try using Nicholishen's idea ... Significant Price Points SPP_1.png;2130686 spp_2.png;2130688 spp_3.png;2130692 {file} {image} {image} {image}
... default settings ...

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 24 KB

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 29 KB

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly.png Size: 27 KB
No guts, no glory
  • #132
  • Jan 8, 2017 11:35am Jan 8, 2017 11:35am
Quoting abokwaik
{quote} Let's put this method into an indicator and see how it goes.
Thanks a lot Khalil.. If any questions arise please let me know..
Best...
  • #133
  • Jan 8, 2017 10:09pm Jan 8, 2017 10:09pm
Quoting Antony_sg
Hi abokwaik I think this indicator will suitale for you. Try it you will see which one need modify I used it with 240 mins only, look back 21 bars Green pips for u Cheers SR Levels v1.1.mq4;2130553USDJPYH1.png;2130551 {image} {file}
Thanks.
No guts, no glory
  • #134
  • Jan 9, 2017 6:38am Jan 9, 2017 6:38am
Cool. Reverse +10, wick point +2, Body point -5

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 22 KB
  • #135
  • Jan 9, 2017 11:39am Jan 9, 2017 11:39am
Significant Price Points with Multiple Time Frame Support (also fixed bugs of previous version)

Attached Image (click to enlarge)
Click to Enlarge Name: SPP_MTF.png Size: 118 KB
Attached File(s)
File Type: ex4 SignificantPricePoints1.ex4   21 KB | 3,221 downloads
No guts, no glory
  • #136
  • Jan 9, 2017 3:56pm Jan 9, 2017 3:56pm
Quoting GoldTheHun
{quote} They behave quite good actually. I have them in excel sheet, and markets seem to obey them. "P.P.S. Volatility is nonpermanent, it is variable of time." Exactly thats why the formula takes time into consideration, actually it is based on ATR and time. Lets take the daily expected ranges as an example. We find the 5 minute tf ATR of the one rolling week. A week has 1440 of 5 minute bars. So we find the ATR(1440) of 5 minute timeframe. We have our base volatility. Lets say ATR(1440) = 7 pips. For daily calculations the expected Range becomes...
ATR Based Support and Resistance Lines

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 48 KB


@GoldTheHun : Kindly Check is this is true. I noticed that 5Min ATR value (7 in your example) is missed from the formula, so I added it in my calculations.

  1. formula used for daily support 1 is =DailyOpen - M5ATR(1440)*1*Sqrt(1440/5)
  2. formula used for daily support 2 is =DailyOpen - M5ATR(1440)*1.28*Sqrt(1440/5)
  3. and so on ..

Attached File(s)
File Type: ex4 ATRSupportResistance.ex4   17 KB | 2,952 downloads
No guts, no glory
  • #137
  • Jan 9, 2017 7:32pm Jan 9, 2017 7:32pm
Quoting abokwaik
{quote} ATR Based Support and Resistance Lines EURUSDH1.png;2132563 @GoldTheHun : Kindly Check is this is true. I noticed that 5Min ATR value (7 in your example) is missed from the formula, so I added it in my calculations. formula used for daily support 1 is =DailyOpen - M5ATR(1440)*1*Sqrt(1440/5) formula used for daily support 2 is =DailyOpen - M5ATR(1440)*1.28*Sqrt(1440/5) and so on .. {image} {file}
hi abokwaik. can you share this mq4 file for learning purpose. i tried this with excel and made changes in using my pivot indicator. but not think is correct .... can you
Success is a Journey Not a Destination....... kind regards ramzam
  • #138
  • Jan 9, 2017 10:54pm Jan 9, 2017 10:54pm
Quoting ramzam
{quote} hi abokwaik. can you share this mq4 file for learning purpose. i tried this with excel and made changes in using my pivot indicator. but not think is correct .... can you
Here ... I hope you find it useful.

Please note that this is not a normal indicator, so we do not need to perform calculations on every tick.
Attached File(s)
File Type: mq4 ATRSupportResistance.mq4   8 KB | 2,529 downloads
No guts, no glory
  • #139
  • Jan 9, 2017 11:10pm Jan 9, 2017 11:10pm
Since price is not 100% likely to reverse at the S/R levels, I figured that it is much better to use something that dynamically reforms to pick up the tops and bottoms and have lower SL target with bigger target profit.

I am using this on a 100 - 25 pips median Renko range bars.


Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 19 KB



I hope it helps in some way.
Attached File(s)
File Type: ex4 Renko Super-signals_v3 double.ex4   22 KB | 2,503 downloads
Trading is not for everyone.
  • #140
  • Jan 9, 2017 11:12pm Jan 9, 2017 11:12pm
Testing Significant Price Points 1

Attached Image (click to enlarge)
Click to Enlarge Name: SigPricePoints.png Size: 116 KB
No guts, no glory
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