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Auto Support and Resistance in EasyLanguage

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Auto Support and Resistance in EasyLanguage

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  #1 (permalink)
Jakarta, Indonesia
Posts: 2 since May 2011
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I am a MultiCharts and EasyLanguage beginner. I am trying to program an indicator to automatically draw support and resistance lines on a candlestick chart based on visible past price action of a single time frame, for example daily. Does anyone know simple and reliable math formulas to determine support and resistance levels? I am not a math expert, so I am struggling to figure out an algorithm to do this. While I can easily draw support and resistance lines by hand, figuring a math formula to do this is much harder than I thought. Thanks for reading my post, this is my first post. I hope this post can help other traders with similar need.


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  #3 (permalink)
Sanjose, CA
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First of all, you need to post the example chart with Support/Resistance lines which you manually drew.

Secondly, tell the reason why you choose to pick that special candle for starting to draw the S/R.

Third, do you want those S/Rs stop to draw somewhere?


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  #4 (permalink)
Jakarta, Indonesia
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I attached an image ESZ1daily.jpg as an example of support and resistance lines I manually drew. I chose daily candlestick to draw support and resistance on because I found it to be useful for determining major support and resistance for day trading purposes. Support and resistance lines, once discovered must extend to the right infinitely.


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  #5 (permalink)
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 Big Mike 
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Start by describing in plain english how you calculate support and resistance, then someone can probably help you turn it into an indicator if it is consistent enough (not subjective).


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Last Updated on October 31, 2011

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