I was wondering if any gurus came up with any breakout system based on Support and Resistance indicator? I believe it should be very possible with a decent S/R indicator. Let's make a holy grail out of this new indicator guys!
I've been playing with Barry's Support and Resistance, but only to find out that the indicator repaints the past 3 bars. When an indicator repaints the past, it will look so good on chart, but in fact it's totally different in real-time. If you've been fooled by ZigZag indicator, you'll know what I mean. But anyway, let's give a cool "Multiple Personalities" to the indicator that repaints the past.
One more thing about Barry's SR is that it is highly volatile (changes value too often). Support and resistance lines are supposed to be low volatile, right? Because of its high volatility, Barry's SR just allows too many false breakouts; too many that it shouldn't be called Support and Resistance.
So at the end of the day, I recoded the whole thing to get a slightly better S/R: single personlity and lower volatility. It's only slightly better, because my S/R is gonna lag 3 bars behind to cope with the so-called "multiple personalities." But it sure does guarantee static support and resistance. Once the level is located, it will stay the same for bars ahead.
See how good Super S/R is, compared to S/R (Barry).
Added on 2007/04/15: SuperSR7 Fast. It gives signal 2 bars earlier than the normal SR7 does. This is good for day trader.
Woah a nice change there. Does it perform better in live as well? Or is it mostly just good in the past like the other one
Once a support/resistance is plotted, it's guaranteed to be static for the whole bar or even until the price breaks through it.
Updated with Super S/R 6 which has bigger dots. You may download from first post.
Bug fixed: unable to use Super S/R 6 in expert. Now you can use iCustom(...) to get support and resistance values.
Pls redownload from the first post.
hi scorpion could we create an ae that trades the break out of s/r by x pips and add an trailing stop and a trailing stop activation after x pips i think that would be great gr leon
I'm having problems using iCustom() - I can't get the arrows in my indicator buffers to show. They're fine when I drop the indicator on the chart, but don't show when I call it from the EA. My text objects do show, so I know the call is finding the custom indicator. Any ideas why? Also - if I call SR7 from my EA, how does my EA get the values of the S/R lines? Any help would be appreciated.
First make sure you have version 7. This is how it goes:
double r0 = iCustom(Symbol(), Period(), "SuperSR7", SR_Step, SR_Precision, SR_Shift, 300, 0, 0);
double s0 = iCustom(Symbol(), Period(), "SuperSR7", SR_Step, SR_Precision, SR_Shift, 300, 1, 0);
can Anyone set this indicator became EA ... ??
What system do you suggest? For example, when to enter and exit.
how do I integrate this into an expert? I'm trying to use it for the DLM instead of using the normal S&R