Support & Resistance Method
I currently use a vey useful way of calculating support and resistance lines. These are based on seeing how many high,low & close in last x days fall within 2/3 pips. I do this manually and is time consuming. Is there any mq4 files which does this?
I hope someone can help me here.
Do some search for "Level_Trading" or "Level_Trading 123"
- level trading as support/resistance is here;
- level trading traditional rules and indicators is here.
Thank you for the quick reply but maybe i did not explain well.
What i am looking for are horizontal support & resistance lines which are made by 1 or more high,low & close which are very close in value (like 1 or 2 pips). So you look back say 20 days and see how many high,low and close are within 1 or 2 pips of each other (or % terms). This than forms a horizontal support or resistance line.
I hope this is better explanation. This is a very useful line.
Thank you for your help.
maybe you can post pictures to explain more clear..
this indicator will only draw horizontal lines. timeframe can be set.
Thanks for the indicators
I have been a member of this forum since the very early days and an active trader for some years now.
Amongst others things being a member of this forum has helped pass the time whilst monitoring any active trades and waiting for trading opportunities to arise.
During my time as a member of this forum i have on occassions participated in some threads but have preffered to take a more stand off approach ,the reason for this being that i try not to let any outside influences detract from my real job of trading.
I decided to start this thread to show you all an approach that most are lacking in knowldege the main reason being that there is not enough information available on the internet or even in books.
I think a lot of members on this forum are constantly searching for the next great system, indicator ,etc, if thats what your looking for then this thread wont be for you .
Well start with the basics move on to chart examples and then go on to some more advanced techniques that are not available any where else.
I will show you how with the techniques that i have developed you would of been able take all of the recent short move in the GBPUSD and EURUSD.
Infact im suprised that all the great signal sellers on this forum did not spot this opportunity.
The first thing i would ask you to do if you wish to participate in this thread is to do a google search on s/r to get a feel for the basics ,sites such as investopia will give you enough info to be able to participate, all of the trades will be taken from the hourly chart using the higher timeframes for confirmation techniques and the lower charsts for entry techniques,take some time over the weekend and start with the hourly charts mark some peaks and troughs and see how they interact with the higher charts, dont use any indicators.
Very interesting co-incidence, I was just discussing earlier with another trader/friend of mine the importance of time period based highs and lows, how it can help in detecting potential turning point in a given trend for a particular pair. These co-incidentally again form the peaks and the troughs. Anyhow, you are the expert in this area and I will be anxiously following your thread here.
I appreciate all your contributions in the forum.