looking for reference of a strict algorithm for generating support and resistance levels and teir strength, signal function.
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Hi,
I want to develop an technical analysis tool to generate some basic buy/sell allerts.
I need to implement an algorithm that defines support & resistance historical levels (scanning a stock data and calculating support & resistance levels and their strength- according to the volume and number of hits, etc.).
The problem is that when I want the software to do the job I need to define the rules in an unequivocal way, which is hard.
I will be happy to get some references of codes or very strict definitions, of generating S&R levels and their strength. Good references to buy/sell allerts based on S&R, would be highly appreciated as well.
Thank you from advance