is it possible to create an EA locate this Support & Resistance

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Hi Coders

I like to create an EA with my system but wondering if it is possible to make an EA recognize this type of S& R and plot horizontal lines at those points.

Supports and Resistances are normally drawn by the Wick. Instead I like to draw S& R by the Open & Close Price. Please see picture

Thank you

 
Sure, take your favorite SR indicator and change High/Low with Open/Close
 
taichifx:

Hi Coders

I like to create an EA with my system but wondering if it is possible to make an EA recognize this type of S& R and plot horizontal lines at those points.

The real question is whether or not you can devise a rule or logic to plot such a support/resistance line. Drawing by eye is easy.

Once you can think up a rule for it then the coding is usually pretty easy. It is not immediately obvious to me what such a rule would consist of, but then again I haven't thought about it for more than the time it has taken me to write this post.

 
dabbler:

The real question is whether or not you can devise a rule or logic to plot such a support/resistance line. Drawing by eye is easy.

Once you can think up a rule for it then the coding is usually pretty easy. It is not immediately obvious to me what such a rule would consist of, but then again I haven't thought about it for more than the time it has taken me to write this post.

For good support an ressistance indicators i suggest examing the next, or next-next (sorry, don't know the english word for that) lower timeframe. Usually the points of interest have a lower average movement/tick
 
You could implement your custom indicator of upper and lower "fractals" using close and open instead of high and low. It's fairly easy.
 
flaab:
You could implement your custom indicator of upper and lower "fractals" using close and open instead of high and low. It's fairly easy.

Thanks for your ideas Guys
 
zzuegg:
Sure, take your favorite SR indicator and change High/Low with Open/Close
zzuegg:
Sure, take your favorite SR indicator and change High/Low with Open/Close
Great ideas Thanks
 
dabbler:

The real question is whether or not you can devise a rule or logic to plot such a support/resistance line. Drawing by eye is easy.

Once you can think up a rule for it then the coding is usually pretty easy. It is not immediately obvious to me what such a rule would consist of, but then again I haven't thought about it for more than the time it has taken me to write this post.

Truly draw by eye is easy make up a rule for it a bit harder.Thanks

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