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Currently it's pretty basic and it's mostly unusable! Yes I know that sounds dumb but I put it up here because I figured some other people might be interested in the same thing and have advice or suggestions.
So far, I'm just showing S/R lines based on swing highs and swing lows, defining a swing as a high or a low surrounded by 2 bars either side that are lower or higher respectively.
This generates a lot of lines, but I put the lines onto a much smaller time frame chart and then it starts to make sense, i.e. I have a long timeframe (e.g. 60mins - invisible) and a trading timeframe (e.g. 3mins) and I apply the indie to the 60min data series but show the lines on the 3min series.
On the list of features is to integrate the higher timeframe dataseries into the indie so as not to require it on the chart.
In the short term, this is meant to help my discretionary trading but cutting out the painstaking process in NT7 of drawing the lines individually onto the chart.
In the long term, I want to use it programmatically in strategies so my strategies can avoid doing dumb things like going long right under resistance.
In future versions, I want to automatically merge S/R lines that are close together, with a parameter that tells the indie what "close together" actually is in terms of ticks.
I also want to add levels for round numbers, e.g. 1.3500 and 1.3550
And I also want to add session highs and lows for the current session since they often don't make it into the higher timescale S/R.
It would also be good to parameterize how many bars either side of the swing high / low are needed to make it a swing high / low. It's currently fixed at 2, but 3 or 4 might be better.
You can discover what your enemy fears most by observing the means he uses to frighten you.
List of things to do, in rough order of importance:
automatically merge S/R lines that are close together, with a parameter that tells the indie what "close together" actually is in terms of ticks
add levels for round numbers, e.g. 1.3500 and 1.3550
integrate the higher timeframe dataseries into the indie so as not to require it on the chart, which will mean hard-coding it. Might need to add the daily data as well I just realised today - see chart - bottom support is from December, which doesn't make it onto my 3min or 60min chart
add session highs and lows for the current session since they often don't make it into the higher timescale S/R
add the ability to downgrade S/R lines that come from uninteresting hours, e.g. the Asian session during the EUR/USD forex day, by using 3 bars either side for the definition of swing points (might not be so useful, but interesting to try out)
parameterize how many bars either side of the swing high / low are needed to make it a swing high / low. It's currently fixed at 2, but 3 or 4 might be better
create a dataseries property with all the levels in, which a strategy can call
You can discover what your enemy fears most by observing the means he uses to frighten you.
Congrats to your new indicator and thanks for sharing!
I like to use it for the big picture support and resistance levels and apply it to display daily and weekly levels. But right now that´s not applicable at a small timeframe chart like a 5 minute.
I think the most important feature is to integrate the higher timeframe dataseries into the indie.
Also good would be a option to display user configurable zones like in the ConstanZonesV2 indi in post 8 from here:
Hello. Need help with the "Constant Zone" indie. I'm trying to plot it in panel 2 along with Jeff's CCI indie. It only colors the main chart, not panel 2. Please help.
Thanks,
Rick
A continuing improvement would also be to have an option for audio alerts with an user selectable tick offset.
You think so? Isn't it just as easy from the user's perspective to keep the indicators seperate, and to save them together as a template rather than have the code merged into one indie?
This is the same situation - rather than build one colossal indie that does everything, it's better generally to keep them seperate and save them together into a template if you want it to be easy to apply to a new chart.
That way, if some writes a better alert indie, or zone indie, or even s/r indie, you can easily swap it out on your charts rather than wait for the indie developer of the colossal indicator to incorporate the new stuff.
Could be done though, no doubt about that.
You can discover what your enemy fears most by observing the means he uses to frighten you.
Today on the EUR/USD the indicator just ran out of data on the settings I'm using.
I had the daily dataseries set to 100 days of history and the 60min set to 30 days.
The market moved into territory not seen for a month and the S/R just disappeared - at least from the 60min chart.
The S/R from the daily chart was too far off - the next support is down at 1.3000.
Had to set the 60min dataseries to load up 60 days and then all was fine - the performance wasn't noticeably slower despite about 200 lines being plotted.
This will be something to check before every session - that I've got enough data to show S/R up to 200 points in either direction.
You can discover what your enemy fears most by observing the means he uses to frighten you.
Been max'ed out with work on my trading plan and psychology programme, so I haven't had a chance to do much on this.
All I can say is, it's probably gonna get worse before it gets better.
At the moment there is way too much stuff on the screen to be able to see what's going on. I obviously programmed this indi to see those levels, but I also want to be able to see past them. Hmm. Never was good at visual design.
Apart from that road-block, I programmed the indi to generate a List of S/R levels rather than an array which means the number of S/R levels it can plot is restricted only by NinjaTrader and how well it can utilise the Win7 and the hardware.
So far so good in terms of performance. There are 350 levels of S/R plotted here and it doesn't need noticeably more time to load the chart.
What I want to do next is load up S/R levels generated on different time-frames. After a working career in software development, there's no way I can hard-code them because this isn't just RAD, this is a serious indicator that I want to re-use without reprogramming.
I figured there might be a way to do this by decoupling the S/R determination from the chart plot, putting them in seperate indicators. I can create an indicator that does nothing except identify swing points and sticks them in a dataseries. Then I create the second indicator which will plot the S/R levels from the chosen time-frames.
I think I'd have to hard-code the time-series into the second indicator - say, the weekly, daily, 4 hourly, 2 hourly, hourly, 1/2 hourly and 15mins time-frames - and hard-code the first indicator onto each.
Then I'd have true/false parameters to let the user decide which ones to plot. I'd just use the daily and the hourly myself at this point.
Sounds like a lot of overhead but I figure I can disable most of the processing, making the 1st indicator return direct out of the onBarUpdate if it's not enabled. That would be 7 time-series and they'd be more than 50% disabled. My guess is that's not much overhead.
There wouldn't be anything for this 1st indicator to plot - it's just discovering swing points, not plotting them - so hopefully I can work out how to prevent NT7 from doing any plot overhead for it. Maybe it doesn't even need to be an indicator, it can just be a function.
The main point is that the enabled indicators have a data-series accessible to the 2nd indicator so the 2nd indicator can grab all the swing levels generated.
Thinking ahead, the 2nd indicator will then have a big unsorted list of S/R levels. It'd be better to have it sorted, so each new S/R level generated can be checked against what's there already, and if it's close to an existing one, instead of plotting 2 lines, I'd plot a shaded zone (which is what I'm doing already but just instead of lines).
I'll try it out. Probably sounds over the top, maybe it is - I guess I'll find out.
You can discover what your enemy fears most by observing the means he uses to frighten you.
Sounds brilliant. Any workable code found in the Price Action Swing Pro indicator? It provides naked and historical Swing Lines. It also provides statistical analysis that could be arranged to show you higher time frames, too.
Yes that's certainly something I should study, there may be some stuff I can take on board - although I have an immediate mental block at the thought of moving away from simple horizontal lines. Will have to sleep on it.
Just had some more thoughts on this.
I can get rid of any support lines that are above the market, and any resistance lines that are below the market.
Some people hold that S/R lines get broken and cease to exist once the market has gone through them. In my humble experience I find that S/R lines don't die so easily. They take a lot of criss-crossing to nullify the emotional impact they had when they were created.
However they do flip-flop: support will become resistance and resistance will become support. That is going to be interesting to code, but it should reduce the number of lines on the screen.
You can discover what your enemy fears most by observing the means he uses to frighten you.