How to use Support and Resistance Effectively - page 63
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Line Charts Support And Resistance
I use LINE CHARTS (not candlestick or bars) to better find the support and resistance levels. I believe the most important piece of information is the CLOSE price.
I do my trading manually, based completely on the latest & most significant levels of support and resistance I can find on LINE CHARTS.
This is, of course, VERY subjective.
To help me out, I use the RSI(7) indicator, which mimics very closely the amplitude of the price shown in the LINE CHARTS.
RSI(7) tells me the strength (significance) of the recent peaks and valleys that represent levels of support and resistance, above and below the current price.
Does anyone have an INDICATOR that can be used in LINE CHARTS to HELP find the most significant SUPPORT and RESISTANCE levels for 1H, 4H and DAILY time frames??
Again, such indicator could perhaps get information from the RSI (7), to find the most significant (strength wise) levels of support and resistance, above and below the current price.
Any help will be appreciated.
CHUMI.....
Hello chumineros,
This thread has many indicator that could help you. Also see thi spost: https://www.mql5.com/en/forum/178273
And 98% of the indicators are based on close price, line charts just avoid the other three data.
line chart
yes, thanks...
That is why I use the line chart, as I know it is based on closing prices.
I am looking for a support and resistance indicator that takes these significant peaks and valleys in the line chart into consideration.
I have read all the replies to this thread, to which my posting was moved by newdigital, and I have not found what I am looking for.
When you look at the line chart, it is very easy to spot the significant places were support became resistance, or when resistance became support. Coupled with the RSI, you can confirm the strength of the level.
I guess I will just keep on looking.
Regards,
CHUMI
yes, thanks...
Some SR indicators
https://www.mql5.com/en/forum/176990
https://www.mql5.com/en/forum/178791
thanks for the indicators LINUXSER!!!
These are good indicators, and certainly are a step into the direction I want to go.....but no cigar yet.....
But, Many thanks!!
I am creating a script to close a position when the RSI (7)reaches a certain level, if anyone knows of such a script, please let me know.
Thanks again...
These are good indicators, and certainly are a step into the direction I want to go.....but no cigar yet......
If you need light for the cigar...
S&R Indicator Modification
Hi All,
I found this S&R indicator and it appears to be a very good indicator at identifying the S&R levels. The problem I have is that I can't use color or input tabs to change the width, style or color of the S&R lines. I find that all of the solid lines tend to clutter up the chart. I've looked at the code and I don't see anything that would allow me to change those 3 parameters. Is it possible that some kind soul could modify either the input or color tabs so the user can define the width, style and color of the lines. The other thing this indicator does is erase any other horizontal line the the user manually places on the chart. Can that function be deleted or turned off.
Thanks in advance.
Dave
S&R Indicator Modification
Hi All,
I found this S&R indicator and it appears to be a very good indicator at identifying the S&R levels. The problem I have is that I can't use color or input tabs to change the width, style or color of the S&R lines. I find that all of the solid lines tend to clutter up the chart. I've looked at the code and I don't see anything that would allow me to change those 3 parameters. Is it possible that some kind soul could modify either the input or color tabs so the user can define the width, style and color of the lines. The other thing this indicator does is erase any other horizontal line the the user manually places on the chart. Can that function be deleted or turned off.
Thanks in advance
Dave
Support & Resistance Indicator
Dave;
The indicator you have posted, I have used before. It is HARD coded. In order to change, you will have to start from scratch. (Coding) The reason it disappears is you must have an EXE. indicator on your chart. That is why you cannot perceive price action for pullbacks, continuations, or reversing trend. I try to have as clean a chart as possible, like you said.
I am using a different S&R indicator that works very well. It is the Euro chart for the past 2 sessions. I use 1 hour and 5 minute charts to look at the price action. This indicator will print the support or resistance level after the 1st candle is completed. Then you can make your decision. I use DT Zig Zag and Zig Zag. I also use Doji's to look at inside or outside bars. I also use a candle timer.
If you notice, "The Money" usually comes out at the beginning of each session for 2 hours. Then Day Trading is a different mindset.
I hope this helps from an old guy.
Dave;
The indicator you have posted, I have used before. It is HARD coded. In order to change, you will have to start from scratch. (Coding) The reason it disappears is you must have an EXE. indicator on your chart. That is why you cannot perceive price action for pullbacks, continuations, or reversing trend. I try to have as clean a chart as possible, like you said.
I am using a different S&R indicator that works very well. It is the Euro chart for the past 2 sessions. I use 1 hour and 5 minute charts to look at the price action. This indicator will print the support or resistance level after the 1st candle is completed. Then you can make your decision. I use DT Zig Zag and Zig Zag. I also use Doji's to look at inside or outside bars. I also use a candle timer.
If you notice, "The Money" usually comes out at the beginning of each session for 2 hours. Then Day Trading is a different mindset.
I hope this helps from an old guy.Hi Frameguy,
Thanks for the indicator. What I liked about the one I posted is that it's a mutli time frame indicator that I could apply to each individual time frame which would show different color lines for each time frame. That way I could differentiate between say daily and 4 hour S&R. This just saves alot of time plotting S&R on each time frame.
The other problem with the indicator I posted is it erases all the other objects that are manually placed onto the chart when you change time frames. I like to make notes on my charts so this is not a good thing for me.