How to use Support and Resistance Effectively - page 4
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Does anyone already have an EA that identifies support and resitance levels?
It is hard to decide what is support and resistances. The best to do this is the following:
1. Draw them yourself. Horizontal lines at high and low points.
2. Get a good daily pivot calculator EA (as i don't know if Metatrader has it built in (in never use it)).
3. Watch 00, 20,50,80 price levels (as they are bank stops/psych barriers).
4. Use 50,100,200 SMA moving averages on your 15min+ charts.
5. Learn about trendlines and chart patterns.
Hope these help,
Graham
that's fine for visual analysis but what i can see and what can be automated are only as good as we can make the computer see in relevant digital data. Hence the question...how do I get support and resistance automated so it can work with an automated execution?
that's fine for visual analysis but what i can see and what can be automated are only as good as we can make the computer see in relevant digital data. Hence the question...how do I get support and resistance automated so it can work with an automated execution?
Well, just like the post above, there are a few options there that have mechanical qualities...like the pivot point calculator, or using DeMark Auto Trendline or something like that. You just need to know how to integrate those indicators into your auto trader.
Graham
i'm on the keep it simple stupid mode when it comes to programming...
I found this link
http://sufx.core.t3-ism.net/ExpertAdvisorBuilder/
if it doesn't have the specific indicators on it there is a way to download them to the page and i think it will put them in the 'variables' section and make them available for use in the 'logics'. at least that's what i'm hoping. this is the best i have to work with at this time and given my own limitations. Could you post the indicators you mentioned so I can load them to this page?
Here is a good support and resistance indicator!
Dave
<
Here is a good support and resistance indicator!
Dave
<Thanx Dave, i'll give it a go.
Well, i attached it and it sure looks like a pSar indicator...I am imagining the rules are more/less the same. Waiting for a breakout.
Graham
Here is a good support and resistance indicator!
Dave
<thankyou for that Dave. you da man!
Does anyone already have an EA that identifies support and resitance levels?
Yes. see www.wsforex.com
is there an english version of this website...or more specifically which link on this page is what you are referring to?
how does one call the Support and Resistance (Barry) indicator in an EA to get the value of current support or resistance?