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Probably the same way everyone else does--confluence with previous s/r, fibs, volume profile, etc. .. nothing magical, and the hard part about trading is not "coming up with the lines" .. it's what to do in response to that information... determining direction, timing entry with that direction, exiting the position, management of the position (scale in, out, AIAO, etc.) ..
I have a very similar code i had made for me on TOS...Richard, the master programmer made it for me a few years ago in like 10 minutes...it's just a triple keltner channel
Hey guys, I thought many of you would enjoy and benefit from this thread. My intention is to have each poster reply and describe in as much detail as possible an indicator they want created for NinjaTrader.
I thought it would be a good idea to create a new thread specifically for EasyLanguage -- TradeStation / MultiCharts / OEC -- requests to get your indicator created for free.
You hit the nail right on the head "coming up with the lines is the easy part". . . and so what do you do with those lines? I don't know and the person behind trading with an edge can not tell you either. What he will tell you is that you typically go for 3 to 5 points off the key line. Well, the key line prints before the open of the day session but close enough to it anyway and at current price levels and of course you usually get at least 3 points of movement off the open even on a slow day. There was some talk of a trading room and training but I was not invited into any room nor did I receive training beyond his initial 2-3 minute discussion of what to do with the software. The most valuable point from that 2-3 minute discussion is listed above. Also, you are instructed to set your PC clock to Eastern time Zone to make the lines print "correctly". The 2 BBL (Bull / Bear Line) lines that print each day do look like they have some significance at times but again, I don't know how to trade them. The most concrete thing I can say about this is that so far, I feel I was a fool for buying it.