I am still quite new at EL programming, so forgive me

This little indicator just plots some interesting support and resistance areas solely based on where the majority of volume took place. I use it on a 5 minute chart, and it looks like this:

[img]https://nexusfi.com/v/fzsrwp.png[/img]

You'll need a semi-wide right margin to see the text, or you can edit the indicator itself if you want to adjust that. d1..d5 just represents how many days back the line represents, I have it set to do a 5-day rolling action now.

All the lines are drawn ahead of time and do not change intraday. Decide for yourself it is useful or not. The code itself could use some refinement, I am sure. Please post enhancements!

 

Code

inputs:     length ( 3 ),     piv1c    ( white ),     piv2c    ( blue ),     piv3c    ( lightgray ),     piv4c    ( green ),     piv5c    ( magenta ),     pivstyle ( 3 ),     textscale ( 6 );      vars:     piv0    ( 0 ),     piv1    ( 0 ),     piv2    ( 0 ),     piv3    ( 0 ),     piv4    ( 0 ),     piv5    ( 0 ),     volph    ( 0 ),     piv1id    ( 0 ),     piv2id    ( 0 ),     piv3id    ( 0 ),     piv4id    ( 0 ),     piv5id ( 0 ),     piv1tid ( 0 ),     piv2tid ( 0 ),     piv3tid ( 0 ),     piv4tid ( 0 ),     piv5tid ( 0 );      if date <> date[1] then begin     volph    = 0;     piv5    = piv4;     piv4    = piv3;     piv3    = piv2;     piv2    = piv1;     piv1    = piv0;      end;     if date = date[1] then begin         TL_Delete(piv1id);         TL_Delete(piv2id);         TL_Delete(piv3id);         TL_Delete(piv4id);         TL_Delete(piv5id);     end;          piv1id = TL_New(date, sessionstarttime(0, 1), piv1, date, sessionendtime(0, 1), piv1);     piv2id = TL_New(date, sessionstarttime(0, 1), piv2, date, sessionendtime(0, 1), piv2);     piv3id = TL_New(date, sessionstarttime(0, 1), piv3, date, sessionendtime(0, 1), piv3);     piv4id = TL_New(date, sessionstarttime(0, 1), piv4, date, sessionendtime(0, 1), piv4);     piv5id = TL_New(date, sessionstarttime(0, 1), piv5, date, sessionendtime(0, 1), piv5);          TL_SetColor(piv1id,piv1c);     TL_SetColor(piv2id,piv2c);     TL_SetColor(piv3id,piv3c);     TL_SetColor(piv4id,piv4c);     TL_SetColor(piv5id,piv5c);          TL_SetStyle(piv1id,pivstyle);     TL_SetStyle(piv2id,pivstyle);     TL_SetStyle(piv3id,pivstyle);     TL_SetStyle(piv4id,pivstyle);     TL_SetStyle(piv5id,pivstyle);          Text_Delete(piv1tid);     Text_Delete(piv2tid);     Text_Delete(piv3tid);     Text_Delete(piv4tid);     Text_Delete(piv5tid);          piv1tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv1 - (textscale * MinMove/PriceScale), "[ v-d1 ]");     piv2tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv2 - (textscale * MinMove/PriceScale), "[ v-d2 ]");     piv3tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv3 - (textscale * MinMove/PriceScale), "[ v-d3 ]");     piv4tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv4 - (textscale * MinMove/PriceScale), "[ v-d4 ]");     piv5tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv5 - (textscale * MinMove/PriceScale), "[ v-d5 ]"); // highest volume bar if Average(Volume, length) > volph then begin     volph     = Average(Volume, length);     piv0    = XAverage(Close, length);     //PlotPaintBar(High,Low,Open,Close,"",Yellow); end;

Attached is the MultiCharts .pla.

Mike

Here is another screen shot. Remember, the lines are drawn ahead of time and do not move. Here are the past 4 days showing examples of price coming right to the line and interacting with it. I am referring to the horizontal lines, the dashed moving average is an ema20.

Is it perfect? Of course not, nothing is. But it may prove useful, only time will tell.

[img]https://nexusfi.com/v/7fqt4k.png[/img]

Mike

Another day, and another example of the lines. Again the green and white lines for today were drawn immediately (bar1 of today) and did not change.

You could say the white line represented the cash close of prior day, but you'll see the green line for today worked equally as well... and it represented the line in the sand drawn 3 days prior (22nd), which was also retested 2 days prior (23rd).

[img]https://nexusfi.com/v/vhnu6q.png[/img]

Mike

Very interesting indicator.hope some talented programmers can convert it to ninja trader.very very nice and special indicator

Quick Summary 

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

Hi Big Mike,

The work you have done on the volume-level support/ resistance appeals to me as very useful and plausible. I have installed the code, yet I don't seem to any plots at all. It seems something is not set correctly. Are there any other dlls necessary to enable the above coding? I'd like to play with it and add some refinements after getting it to work. Thanks.

tbohle 

Hi Big Mike, The work you have done on the volume-level support/ resistance appeals to me as very useful and plausible. I have installed the code, yet I don't seem to any plots at all. It seems something is not set correctly. Are there any other dlls necessary to enable the above coding? I'd like to play with it and add some refinements after getting it to work. Thanks.

No DLL's, all the code is above. But, I use MultiCharts and can't test it on TradeStation, which may be the problem.

Mike

Big Mike 

No DLL's, all the code is above. But, I use MultiCharts and can't test it on TradeStation, which may be the problem. Mike

Mike: "Highest Volume Bar" is coded-out above. What is the rationale? I don't think this would prevent the other lines from drawing, though. Just wanted to verify. Thx.

tbohle 

Mike: "Highest Volume Bar" is coded-out above. What is the rationale? I don't think this would prevent the other lines from drawing, though. Just wanted to verify. Thx.

It's just a comment line.

Mike

tbohle 

Hi Big Mike, The work you have done on the volume-level support/ resistance appeals to me as very useful and plausible. I have installed the code, yet I don't seem to any plots at all. It seems something is not set correctly. Are there any other dlls necessary to enable the above coding? I'd like to play with it and add some refinements after getting it to work. Thanks.

tbohle,
Try the code below. TradeStation didn't like the way the original was handling the trendlines.

 

Code

inputs:     length ( 3 ),     piv1c    ( white ),     piv2c    ( blue ),     piv3c    ( lightgray ),     piv4c    ( green ),     piv5c    ( magenta ),     pivstyle ( 3 ),     textscale ( 6 );      vars:     piv0    ( 0 ),     piv1    ( 0 ),     piv2    ( 0 ),     piv3    ( 0 ),     piv4    ( 0 ),     piv5    ( 0 ),     volph    ( 0 ),     piv1id    ( 0 ),     piv2id    ( 0 ),     piv3id    ( 0 ),     piv4id    ( 0 ),     piv5id ( 0 ),     piv1tid ( 0 ),     piv2tid ( 0 ),     piv3tid ( 0 ),     piv4tid ( 0 ),     piv5tid ( 0 );      if date <> date[1] then begin     volph    = 0;     piv5    = piv4;     piv4    = piv3;     piv3    = piv2;     piv2    = piv1;     piv1    = piv0;          piv1id = TL_New(date, sessionstarttime(0, 1), piv1, date, sessionendtime(0, 1), piv1);     piv2id = TL_New(date, sessionstarttime(0, 1), piv2, date, sessionendtime(0, 1), piv2);     piv3id = TL_New(date, sessionstarttime(0, 1), piv3, date, sessionendtime(0, 1), piv3);     piv4id = TL_New(date, sessionstarttime(0, 1), piv4, date, sessionendtime(0, 1), piv4);     piv5id = TL_New(date, sessionstarttime(0, 1), piv5, date, sessionendtime(0, 1), piv5);     TL_SetColor(piv1id,piv1c);     TL_SetColor(piv2id,piv2c);     TL_SetColor(piv3id,piv3c);     TL_SetColor(piv4id,piv4c);     TL_SetColor(piv5id,piv5c);          TL_SetStyle(piv1id,pivstyle);     TL_SetStyle(piv2id,pivstyle);     TL_SetStyle(piv3id,pivstyle);     TL_SetStyle(piv4id,pivstyle);     TL_SetStyle(piv5id,pivstyle);          piv1tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv1 - (textscale * MinMove/PriceScale), "[ v-d1 ]");     piv2tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv2 - (textscale * MinMove/PriceScale), "[ v-d2 ]");     piv3tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv3 - (textscale * MinMove/PriceScale), "[ v-d3 ]");     piv4tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv4 - (textscale * MinMove/PriceScale), "[ v-d4 ]");     piv5tid = Text_New(date, Minlist(Time + 30, SessionEndTime(0, 1) + 100), piv5 - (textscale * MinMove/PriceScale), "[ v-d5 ]");      end; If piv1>0 then value1=tl_setend(piv1tid,date,Minlist(Time + 30, SessionEndTime(0, 1) + 100),piv1);     If piv2>0 then value1=tl_setend(piv2tid,date,Minlist(Time + 30, SessionEndTime(0, 1) + 100),piv2);     If piv3>0 then value1=tl_setend(piv3tid,date,Minlist(Time + 30, SessionEndTime(0, 1) + 100),piv3);     If piv4>0 then value1=tl_setend(piv4tid,date,Minlist(Time + 30, SessionEndTime(0, 1) + 100),piv4);     If piv5>0 then value1=tl_setend(piv5tid,date,Minlist(Time + 30, SessionEndTime(0, 1) + 100),piv5);     If piv1>0 then value1=Text_setlocation(piv1tid,d,minlist(time+30,sessionendtime(0,1)+100), piv1 - (textscale * MinMove/PriceScale));     If piv2>0 then value1=Text_setlocation(piv2tid,d,minlist(time+30,sessionendtime(0,1)+100), piv2 - (textscale * MinMove/PriceScale));     If piv3>0 then value1=Text_setlocation(piv3tid,d,minlist(time+30,sessionendtime(0,1)+100), piv3 - (textscale * MinMove/PriceScale));     If piv4>0 then value1=Text_setlocation(piv4tid,d,minlist(time+30,sessionendtime(0,1)+100), piv4 - (textscale * MinMove/PriceScale));     If piv5>0 then value1=Text_setlocation(piv5tid,d,minlist(time+30,sessionendtime(0,1)+100), piv5 - (textscale * MinMove/PriceScale));     // highest volume bar if Average(Volume, length) > volph then begin     volph     = Average(Volume, length);     piv0    = XAverage(Close, length);     //PlotPaintBar(High,Low,Open,Close,"",Yellow); end;