Indicators: WSP & WRO
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WSP & WRO:
Indicator based on "Automated Support And Resistance" article by Mel Widner published in TASC.
Two oscillators are defined: the WSO (Widner Support Oscillator) and the WRO (Widner Resistance Oscillator).
The WSO compares the current Close with the most recent six support levels. Values range from 0 to 100. WSO = 0 means that the Close is below all of the six support levels, and WSO = 100 means that the current Close is above all of the six support levels. Changes in WSO indicate changes in support, either breaking of an old level or establishing a new one. The WSO is defined as:
A similar discussion applies to the WRO. The WRO compares the current Close with the most recent six resistance levels. Values range from 0 to 100. WRO = 0 means that the Close is below all of the six resistance levels, and WRO = 100 means that the current Close is above all of the six resistance levels. Changes in WRO indicate changes in resistance, either breaking an old level or establishing a new one. The WRO is defined as follows:
Author: Mladen Rakic