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Are there any universal support and resistance levels in the forex market? - page 13

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Lilita Bogachkova #:

Conclusions can be drawn about universal resistance and support levels. Levels calculated for one symbol are also applicable to another symbol, provided the symbol's price range is the same.

For example, levels calculated in NZDCAD correspond to AUDUSD and so do other symbols.


If you want to compare the prices yourself, use the attached "Pice_from_0_63515_to_0_97342.tpl" file

What do you mean - "the price range of the symbol matches" ?

Veniamin Skrepkov #:

What do you mean by "symbol price range is the same" ?

The minimum and maximum price for the symbol are in the data range.

For clarity, the first entry in the thread explains what I mean by universal levels.

Под универсальной поддержкой и сопротивлением я подразумеваю уровень, который был создан в другое время, другим финансовым инструментом, но связан с текущим моментом и выбранным символом.

It has nothing to do with whether these levels contain volume.


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Are there universal support and resistance levels in Forex market?

Maxim Kuznetsov, 2021.12.18 13:47

There is no horizontal sup/res from other symbols, just the vagaries of general synchronicity and local volatility.

Is that exactly what I want to check:"just general synchronicity quirks", or is there a link between the prices at which resistance is formed?


It is difficult to discuss the topic if I have the data I am talking about, but readers don't have that data. Thus, levels of time periods from M1 to H1 of several symbols have been recorded, giving a total of hundreds of thousands of entries. This is to check which of these levels were repeated more often than others. Accordingly, what is repeated more often than others is also the level coinciding in different time periods for different symbols.

I am attaching a TXT file with the data and a script to display it on the chart.

The "Data.txt" file contains only prices.

...
1.22361
1.25235
1.27928
1.30022
...
//+------------------------------------------------------------------+
//|                                           Set Sup_Res levels.mq5 |
//|                                 Copyright 2021, Lilita Bogackova |
//|                                             https://www.mql5.com |
//+------------------------------------------------------------------+
#property copyright "Copyright 2021, Lilita Bogackova"
#property link      "https://www.mql5.com"
#property version   "1.00"
#property strict
#property script_show_inputs
//--- input parameters
input int      data_iterations         =100;       // find repeated data
input color    levels_color            =clrGreen;
input string   levels_name             ="SR_levels";
input bool     delete_previous_levels  =true;
//---
string dataPath     ="Data//Data.txt";             // \MQL5\Files\Data
long   chartID      =ChartID();
int    levels_style =1;                            // basic line style 
double dataArray[];
//+------------------------------------------------------------------+
//| Script program start function                                    |
//+------------------------------------------------------------------+
void OnStart()
  {
//--- delete previous levels
   if(delete_previous_levels)
      ObjectsDeleteAll(chartID,levels_name);
   else
      // set a new line style
      levels_style=0;

//--- works with a data file and fills in an array of data
   int fileHandle=FileOpen(dataPath,FILE_READ|FILE_ANSI|FILE_TXT);
   if(fileHandle==INVALID_HANDLE)
     {
      Alert("Error opening file: "+dataPath);
      return;
     }
   ArrayResize(dataArray,400000,100000);
   int arrIndex=0;
   while(!FileIsEnding(fileHandle))
      dataArray[arrIndex++]=StringToDouble(FileReadString(fileHandle));
   FileClose(fileHandle);

//--- finds the SR levels
   ArrayResize(dataArray,arrIndex);
   ArraySort(dataArray);
   int countIterations=0;
   for(int i=arrIndex-1; i>0 && !IsStopped(); i--)
     {
      if(dataArray[i]-dataArray[i-1]==0.0)
        {
         if(++countIterations>=data_iterations)
           {
            // create SR levels
            if(!createSRlevels(chartID,levels_name,dataArray[i-1],countIterations,i))
              {
               Alert("Error create SR level: "+levels_name+", price: "+DoubleToString(dataArray[i-1],5));
               return;
              }
            countIterations=0;
           }
        }
      else
         countIterations=0;
     }
   ChartRedraw(chartID);
  }
//+------------------------------------------------------------------+
//| Create horizontal line                                           |
//+------------------------------------------------------------------+
bool createSRlevels(long chID=0, string name="", double price=0.0, int iterations=0, int index=0)
  {
   StringConcatenate(name,name,", iterations: ",IntegerToString(iterations),", index: ",IntegerToString(index));
   if(ObjectFind(chID,name)<0)
      if(!ObjectCreate(chID,name,OBJ_HLINE,0,0,price))
         return false;
      else
        {
         ObjectSetInteger(chID,name,OBJPROP_COLOR,levels_color);
         ObjectSetInteger(chID,name,OBJPROP_STYLE,levels_style);
         ObjectSetInteger(chID,name,OBJPROP_BACK,true);
        }
   return true;
  }
//+------------------------------------------------------------------+


By default, the search is only for levels that match exactly. By changing the values in line 52, you can get more results.

52 row


You can use the script to highlight different levels on the chart at the same time.

EURUSDDaily

Files:
Data.txt  3266 kb
Set_Sup_Res_levels.mq5  4 kb

What is a LEVEL of P (support ) or C (resistance )...?

It's the FANTASIES of a particular Trader, taking into account HIS understanding of the market.

Can such LEVELS work?... Of course they can, just as winning the lottery is a real event...

In fact, a REPEAT of history or triggering of LEVELS is an unlikely event...

The reason is simple... FIN markets depend on so many DIFFERENT and OPPOSITE factors, that repetition of levels is an unlikely event...


Why do people still pay attention to LEVELS?

Very few tools that ACTUALLY work on the market... And a crawfish will do for a crawfish...

Think about the effectiveness of the LEVELs... It's hard to watch...

Serqey Nikitin #:
Horizontal levels are something that will always work. You'll understand why when you learn how to trade.
Andrei Trukhanovich #:
horizontal levels are what will always work. why - you'll understand when you learn how to trade

Right, right...

Rock painting - you draw a ruler with a hangover and you're on a huge plus...

HUGE!

Serqey Nikitin #:

What is a LEVEL of P (support) or C (resistance)...?

These are the FANTASIES of a particular Trader, given HIS understanding of the market.

If you think I'm trying to convince anyone, you're wrong. The more people who join in and substantiate their views, the better for this thread.


It's different for everyone. I have been offered to learn different interesting things about forex analysis. The existence of which I have already forgotten due to the inertia of their data.

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Are there any universal support and resistance levels in Forex market?

Renat Akhtyamov, 2021.12.18 12:26

What is the volume on the levels?

If the volume is unknown, they are just lines without any sense.

When the volume is there and if the calculation results in the current price, this thing will deserve attention.

For an initial understanding of levels, study this screen


I do not know how a particular dealership does or does not warn its clients about how much traders lose their invested capital, but there are dealerships that also tell you that you will lose money.

image1

image2


If such dealerships publish information on how many traders have opened positions with them. You have to realise that this is wrong ~75% of the time! What to do with such information?

Lilita Bogachkova #:

If you think I'm trying to convince anyone, you're wrong. The more people who join in and substantiate their views, the better for this thread.


I totally agree with you, which is why I gave my own opinion...

And the logic here is simple: A line drawn, which relies on data from HISTORY, cannot produce consistent profits...

Yes, there may be glimpses of profit, about the same as flipping a coin...

Lilita Bogachkova #:

If you think I am trying to convince anyone, you are mistaken. The more people who join in and substantiate their views, the better for this topic.

I have been offered different and interesting things to learn about forex analysis. The existence of which I have already forgotten due to the inertia of their data.

I do not know how a particular dealing centre does, or does not, warn its clients about how many traders lose their invested capital? But there are dealing centres which also tell you that you will lose money.

If such dealerships publish information on how many traders have opened positions with them. You have to realise that this is wrong ~75% of the time! What to do with such information?

That's the thing: they lose.

This is the reason why there are Sensei's who have failed to realise themselves in trading the market, trying to realise themselves by selling courses.

Go on.

You didn't miss my post, can you do some analysis?

Forum on trading, automated trading systems and testing trading strategies

Are there any universal support and resistance levels in the forex market?

Vitaly Muzichenko, 2021.12.18 12:59

I've got a good idea to use rennco-bars as a support and resistance level.

Try using renko

P.S. Or maybe try Heiken Ashi first, it will also smooth out the price

Vitaly Muzichenko #:

That's the point: they lose.

This is the reason why there are Senseis who have not been able to realise themselves in trading the market, trying to realise themselves by selling courses.

Go on.

You didn't miss my post, can you do some analysis?


I looked at your suggestion but haven't answered it yet. So I will start by answering that I only use "closing price" levels to search. On the"Heiken-Ashi" chart, the closing price is calculated as follows:

double haClose=(Open[i]+High[i]+Low[i]+Close[i])/4;

This is the same as:

PRICE_WEIGHTED
 
Average price, (high + low + close + close)/4


I do not use a weighted price because the calculated result is different when calculated for different time periods, the closing price changes in different time periods!

Marked in red: "PRICE_WEIGHTED (Average price, (high + low + close + close) / 4)" depending on the time period selected.

H1

H4

1...67891011121314151617181920...25
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