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Need Best Support and Resistance Indicator

  • #141
  • Jan 10, 2017 3:34am Jan 10, 2017 3:34am
Quoting abokwaik
Significant Price Points with Multiple Time Frame Support (also fixed bugs of previous version) SPP_MTF.png;2132319 {file} {image}
Nice one abokwaik, but can we have the horizontal lines drawn like rays so we can see where are the starting points of every level for further analysis? Also explain for every setting exactly what is their meaning example, what Weight: Reverse Point means.
Looking for profitable short term trades ...|
  • #142
  • Jan 10, 2017 4:03am Jan 10, 2017 4:03am
Quoting Js3mwtRc
{quote} Nice one abokwaik, but can we have the horizontal lines drawn like rays so we can see where are the starting points of every level for further analysis? Also explain for every setting exactly what is their meaning example, what Weight: Reverse Point means.
Explanation of terms used:

  1. Reverse : if the price point is at the top or bottom of the candle wick, which means that price touched, was not able to cross, and then reversed.
  2. Wick : if the price point is part of the candle wick, which means price crossed the point but could not close behind it.
  3. Body : priced crossed the point and closed behind it.

As for the ray option, it would be difficult using the current coding logic.
But I will do it after the project completes if this indicator got selected as the "Best S/R Indicator".

Note that when you place the cursor on any line a tooltip appears showing its time frame and power.

What this indicator needs is a separation of support and resistance lines, because some times and based on the number of lines you select it may show lines only below or only above the current price, so I need to separate the calculation/filtration into two parts, one above the price for resistance lines and one below the price for support lines.

No guts, no glory
  • #143
  • Jan 10, 2017 4:34am Jan 10, 2017 4:34am
Quoting ikouki
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. Image1.png;2132883 I hope it helps in some way. {image} {file}
this renko channal is changing when new low or high gets ...
Success is a Journey Not a Destination....... kind regards ramzam
  • #144
  • Jan 10, 2017 4:36am Jan 10, 2017 4:36am
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}
The formula is correct. Thank you for coding it.
Best
  • #145
  • Jan 10, 2017 4:42am Jan 10, 2017 4:42am
Quoting abokwaik
{quote} 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. {file}
oh.. is it possible to perform calculations on every tick or every particular time frame ...
actually i have one indicator.. but it is giving more signals whenever the said time frame of the charts open and close .. can you fix this to give alert only on the green arrow or red arrow appears .. and if this calculation possible at particular time like 1 minute or 5minute means so good.. it wont give repaint i think.. i attached the indicator name is megafx on anticipate of getting help but i am sure i am not deviate the main core of the thread..

and i have sinewave support and resistance indicator.. which is useful means you please use for this bring the best support and resistance
it gives nice sup and res. but when price break support fall is good ... break res upside is good
Attached File(s)
File Type: ex4 CyclePeriod.ex4   14 KB | 1,572 downloads
File Type: mq4 CyclePeriod.mq4   4 KB | 1,979 downloads
File Type: txt Sinewave3 info (needs CyclePeriod-mq4).txt   < 1 KB | 1,218 downloads
File Type: ex4 Sinewave3(needs CyclePeriod-mq4).ex4   19 KB | 1,601 downloads
File Type: mq4 Sinewave3(needs CyclePeriod-mq4).mq4   6 KB | 1,965 downloads
File Type: ex4 mega_fx.ex4   15 KB | 1,475 downloads
File Type: mq4 mega_fx.mq4   9 KB | 1,903 downloads
Success is a Journey Not a Destination....... kind regards ramzam
  • #146
  • Jan 10, 2017 4:43am Jan 10, 2017 4:43am
Quoting abokwaik
Testing Significant Price Points 1 SigPricePoints.png;2132888 {image}
in this significant price lines ... can you separate color for trade to take sell and buy
Success is a Journey Not a Destination....... kind regards ramzam
  • #147
  • Jan 10, 2017 4:47am Jan 10, 2017 4:47am
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}
I downloaded the indicator and checked the calculation in the code, it is perfect. Thanks once again Khalil.

Usage:
When the prices are between daily support(0), resistance(0), they will try to reach support(1) or resistance(1).
If they stay within support(0), resistance(0), the market is neutral.
  • #148
  • Jan 10, 2017 6:19am Jan 10, 2017 6:19am
Khalil,

Here is a dynamic version of Support and Resistance based on ZigZag

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 37 KB



We again calculate ATR(1400) for 5 minute time frame. Than we do the calculations seen on the pic, counting the bars on ZigZag legs. This would be dynamic calculation showing the expected turning point of the live leg of the zigzag.
Hope it is clear.. This should be very interesting..

We could expand this logic for other time frames on chart:
1 Minute = ATR(7200) (1 week)
5 Minute = ATR(1400) (1 week)
15 Minute =ATR(480) (1 week)
30 Minute= ATR(240) (1 week)
1 Hr = ATR(528) (1 Month)
4 Hr = ATR(132) (1 Month)
1 Day=ATR(132) (6 months)
Or user selectable ATRperiod
  • #149
  • Jan 10, 2017 6:34am Jan 10, 2017 6:34am
Quoting GoldTheHun
Khalil, Here is a dynamic version of Support and Resistance based on ZigZag EURUSDM5.png;2133317 We again calculate ATR(1400) for 5 minute time frame. Than we do the calculations seen on the pic, counting the bars on ZigZag legs. This would be dynamic calculation showing the expected turning point of the live leg of the zigzag. Hope it is clear.. This should be very interesting.. We could expand this logic for other time frames on chart: 1 Minute = ATR(7200) (1 week) 5 Minute = ATR(1400) (1 week) 15 Minute =ATR(480) (1 week) 30 Minute= ATR(240)...
nice idea to accumulate buy and sell ..... and go on trade in profits
Success is a Journey Not a Destination....... kind regards ramzam
  • #150
  • Jan 10, 2017 6:35am Jan 10, 2017 6:35am
Quoting ramzam
{quote} nice idea to accumulate buy and sell ..... and go on trade in profits
Exactly.... Thanks..
  • #151
  • Jan 10, 2017 11:41am Jan 10, 2017 11:41am
perfect it is .. but any differentiation between res and sup... like dotted line and dash line or in color... anything as per your best knowledge
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 14 KB
Success is a Journey Not a Destination....... kind regards ramzam
  • #152
  • Jan 10, 2017 12:20pm Jan 10, 2017 12:20pm
Quoting ramzam
perfect it is .. but any differentiation between res and sup... like dotted line and dash line or in color... anything as per your best knowledge {image}
Those lines have different roles at different times, if they are below the price we expect them to act as support, if they are above we expect them to act as resistance.
My approach is to not to trade the touch of these lines, but to trade the price action around these lines.

The screen shot I posted this morning (check previous page) was taken real time after price bounced at these lines with convening reversal formation.
These two trades reach 90+pips some time today, and never hit SL (above formation high for EURUSD and below formation low for USDJPY), and they are currently at around 45 pips in profit.

So actually color coding support and resistance is not necessary, and could also be not meaningful as they switch roles. However, I raised point special to this indicator on post 142 above :

Quote
What this indicator needs is a separation of support and resistance lines, because some times and based on the number of lines you select it may show lines only below or only above the current price, so I need to separate the calculation/filtration into two parts, one above the price for resistance lines and one below the price for support lines.

Because this indicator is based on number of touches/breaks of "ALL" price points on the chart, and then showing only limited number of lines "based on Show Lines settings", so we might end up having all significant price points at one side of the price, which might look weird as it could mean that there is nor resistance or not support. So I am gonna add that feature, although I don't find it that weird when we get resistance only or support only lines, as it could be a nice indication to not trade the other way .
No guts, no glory
  • #153
  • Jan 10, 2017 12:34pm Jan 10, 2017 12:34pm
One other important feature the "SPP" indicator is still missing, and I added it as an input "for future use" to remind myself to code it is the Accuracy Points, or better named as Merge Level.

Currently the indicator treats each price point individually, while my idea at the beginning of the thread was the "zone" concept, where I will merge adjacent SPPs (Significant Price Points) into one SZ (Significant Zone).
No guts, no glory
  • #154
  • Jan 10, 2017 12:43pm Jan 10, 2017 12:43pm
The indicators developed in the thread so far can be considered by-products in the process of building the final product, which btw could be a combination of different concepts (fractals, fibs, SPPs, pivots ,,, etc), where confluence zones are highlighted.

Ideas are welcome.
No guts, no glory
  • #155
  • Jan 10, 2017 1:03pm Jan 10, 2017 1:03pm
Quoting abokwaik
{quote} Those lines have different roles at different times, if they are below the price we expect them to act as support, if they are above we expect them to act as resistance. My approach is to not to trade the touch of these lines, but to trade the price action around these lines. The screen shot I posted this morning (check previous page) was taken real time after price bounced at these lines with convening reversal formation. These two trades reach 90+pips some time today, and never hit SL (above formation high for EURUSD and below formation...
understood... but late seen this indicator today and missed to book profit at bottom line in oil...
but can you differentiate with time frame lines... it means 4 hr lines will be in dot. day lines in dash and weekly lines in dashdotdot.. so that it is easy to view and memory that i am watching 4hrs or daily lines ... h1 is solid
Success is a Journey Not a Destination....... kind regards ramzam
  • #156
  • Edited Jan 11, 2017 2:46am Jan 10, 2017 1:05pm | Edited Jan 11, 2017 2:46am
Quoting abokwaik
One other important feature the "SPP" indicator is still missing, and I added it as an input "for future use" to remind myself to code it is the Accuracy Points, or better named as Merge Level. Currently the indicator treats each price point individually, while my idea at the beginning of the thread was the "zone" concept, where I will merge adjacent SPPs (Significant Price Points) into one SZ (Significant Zone).
yes this will be good to see as like zone instead of few lines in the particular price... all are merging so zone is good
but when we see in a particular time frame like m15 or m5 and the spps for h1 and h4 and day and week.. then only come to new idea. so for differ need line style is important... so in indicator please proide line style ... then it will be good
Success is a Journey Not a Destination....... kind regards ramzam
  • #157
  • Jan 10, 2017 8:17pm Jan 10, 2017 8:17pm
yesterday i found few indicator based on fibo for morning flat. but few are not display or i dont understand its display... but aib indicator is good but it also showing in 5 min time frame only..
idea i will tell after this aib indicator works on all time frames ... because i could not able to change any time frame and disappears.
Attached File(s)
File Type: ex4 MForecast23.ex4   15 KB | 1,019 downloads
File Type: mq4 MForecast23.mq4   5 KB | 1,331 downloads
File Type: ex4 MForecast38.ex4   15 KB | 1,005 downloads
File Type: mq4 MForecast38.mq4   5 KB | 1,299 downloads
File Type: ex4 MorningFlat_38.ex4   38 KB | 1,013 downloads
File Type: mq4 MorningFlat_38.mq4   38 KB | 1,284 downloads
File Type: ex4 MorningFlat_aib.ex4   38 KB | 1,039 downloads
File Type: mq4 MorningFlat_aib.mq4   19 KB | 1,380 downloads
Success is a Journey Not a Destination....... kind regards ramzam
  • #158
  • Edited 11:46pm Jan 11, 2017 3:38am | Edited 11:46pm
Quoting abokwaik
Testing Significant Price Points 1 SigPricePoints.png;2132888 {image}
The 2 trades from yesterday. EURUSD is approaching TP target.

Attached Image (click to enlarge)
Click to Enlarge Name: SPP1_trades_from_yesterday.PNG Size: 82 KB


They both hit their targets later in the day.
Attached Image (click to enlarge)
Click to Enlarge Name: SPP1_trades_from_yesterday_TP.PNG Size: 97 KB
No guts, no glory
  • #159
  • Jan 11, 2017 10:16am Jan 11, 2017 10:16am
Took crudeoil mcx short at 3561 but ... 3568 and 3574 levels meet. I put this at current time and chart time frame is m30..

Placing order at 3468.... Will see.. And as of this h1 lines will be in dashdotdot
h4 lines will be in dot style and
day lines will be at dash and
week lines at dashdot lines can attach more than 2 time ... To view diff
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 17 KB
Success is a Journey Not a Destination....... kind regards ramzam
  • #160
  • Jan 11, 2017 2:12pm Jan 11, 2017 2:12pm
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}
Hi Anthony_sg,

I like your Oanda Order Book there on your chart.. is that an indicator?

regards
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
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