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Best Reliable Sources for Daily Support and Resistance points. 2 replies
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Disliked{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.phpIgnored
Disliked{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.phpIgnored
Disliked{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.Ignored
Disliked{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.Ignored
Disliked{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...Ignored
Disliked{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.Ignored
Disliked{quote} Well Dr, thank you too for taking interest in it. Have a great week...Ignored
Disliked{quote} OK Nicholishen, you got my attention. I will try to code your idea.Ignored
Disliked{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...Ignored
Disliked{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}Ignored
Disliked{quote} Let's put this method into an indicator and see how it goes.Ignored
DislikedHi 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}Ignored
Disliked{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...Ignored
Disliked{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}Ignored
Disliked{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 youIgnored