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Views:: 6140
Rating:: (17)
Published:: 2018.05.02 16:32

Wso and Wro.mq5 (9.04 KB) view

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Indicator based on "Automated Support And Resistance" article by Mel Widner published in TASC.

Two oscillators are defined: the WSO (Widner Support Oscillator) and the WRO (Widner Resistance Oscillator).

The WSO compares the current Close with the most recent six support levels. Values range from 0 to 100. WSO = 0 means that the Close is below all of the six support levels, and WSO = 100 means that the current Close is above all of the six support levels. Changes in WSO indicate changes in support, either breaking of an old level or establishing a new one. The WSO is defined as:

WSO = 100(1 – (INT(S1/C) + INT(S2/C) + INT(S3/C) + INT(S4/C) + INT(S5/C) + INT(S6/C))/6)

A similar discussion applies to the WRO. The WRO compares the current Close with the most recent six resistance levels. Values range from 0 to 100. WRO = 0 means that the Close is below all of the six resistance levels, and WRO = 100 means that the current Close is above all of the six resistance levels. Changes in WRO indicate changes in resistance, either breaking an old level or establishing a new one. The WRO is defined as follows:

WRO = 100(1 – (INT(R1/C) + INT(R2/C) + INT(R3/C) + INT(R4/C) + INT(R5/C) + INT(R6/C))/6)

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The Hurst exponent is referred to as the "index of dependence" or "index of long-range dependence". It quantifies the relative tendency of a time series either to regress strongly to the mean or to cluster in a direction.

Fractal Dimension - Jurik

Fractal Dimension from Mark Jurik is much smoother than the others but the general rule is the same: it is not a directional indicator, but is attempting to determine if there is a trend in the current market price changes or not, and it should be used bearing that in mind.

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