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Volume level support and resistance (EasyLanguage)
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Volume level support and resistance (EasyLanguage)

  #1 (permalink)
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Volume level support and resistance (EasyLanguage)

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:

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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 ),
    
piv1c    white ),
    
piv2c    blue ),
    
piv3c    lightgray ),
    
piv4c    green ),
    
piv5c    magenta ),
    
pivstyle ),
    
textscale );
    
vars:
    
piv0    ),
    
piv1    ),
    
piv2    ),
    
piv3    ),
    
piv4    ),
    
piv5    ),
    
volph    ),
    
piv1id    ),
    
piv2id    ),
    
piv3id    ),
    
piv4id    ),
    
piv5id ),
    
piv1tid ),
    
piv2tid ),
    
piv3tid ),
    
piv4tid ),
    
piv5tid );
    
if 
date <> date[1then begin
    volph    
0;
    
piv5    piv4;
    
piv4    piv3;
    
piv3    piv2;
    
piv2    piv1;
    
piv1    piv0;
    
end;

    if 
date date[1then begin
        TL_Delete
(piv1id);
        
TL_Delete(piv2id);
        
TL_Delete(piv3id);
        
TL_Delete(piv4id);
        
TL_Delete(piv5id);
    
end;
    
    
piv1id TL_New(datesessionstarttime(01), piv1datesessionendtime(01), piv1);
    
piv2id TL_New(datesessionstarttime(01), piv2datesessionendtime(01), piv2);
    
piv3id TL_New(datesessionstarttime(01), piv3datesessionendtime(01), piv3);
    
piv4id TL_New(datesessionstarttime(01), piv4datesessionendtime(01), piv4);
    
piv5id TL_New(datesessionstarttime(01), piv5datesessionendtime(01), 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(dateMinlist(Time 30SessionEndTime(01) + 100), piv1 - (textscale MinMove/PriceScale), "[ v-d1 ]");
    
piv2tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv2 - (textscale MinMove/PriceScale), "[ v-d2 ]");
    
piv3tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv3 - (textscale MinMove/PriceScale), "[ v-d3 ]");
    
piv4tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv4 - (textscale MinMove/PriceScale), "[ v-d4 ]");
    
piv5tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv5 - (textscale MinMove/PriceScale), "[ v-d5 ]");


// highest volume bar
if Average(Volumelength) > volph then begin
    volph     
Average(Volumelength);
    
piv0    XAverage(Closelength);
    
//PlotPaintBar(High,Low,Open,Close,"",Yellow);
end
Attached is the MultiCharts .pla.

Mike

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Need help?
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Attached Files
Register to download File Type: pla Volume Pivots.pla (8.2 KB, 210 views)
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  #2 (permalink)
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  #3 (permalink)
Site Administrator
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Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,098 since Jun 2009
Thanks: 29,194 given, 82,554 received


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.

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Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #4 (permalink)
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Posts: 46,098 since Jun 2009
Thanks: 29,194 given, 82,554 received

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).

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Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #5 (permalink)
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Very interesting indicator.hope some talented programmers can convert it to ninja trader.very very nice and special indicator

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  #6 (permalink)
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Quick Summary View Post
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.

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  #7 (permalink)
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tbohle View Post
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

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #8 (permalink)
Just starting out...
Fairfax, VA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES, Index Options
 
Posts: 3 since Jul 2010
Thanks: 2 given, 2 received


Big Mike View Post
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.

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The following user says Thank You to tbohle for this post:
 
  #9 (permalink)
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tbohle View Post
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

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #10 (permalink)
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Favorite Futures: ES
 
Posts: 56 since Aug 2010
Thanks: 3 given, 66 received



tbohle View Post
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 ),
    
piv1c    white ),
    
piv2c    blue ),
    
piv3c    lightgray ),
    
piv4c    green ),
    
piv5c    magenta ),
    
pivstyle ),
    
textscale );
    
vars:
    
piv0    ),
    
piv1    ),
    
piv2    ),
    
piv3    ),
    
piv4    ),
    
piv5    ),
    
volph    ),
    
piv1id    ),
    
piv2id    ),
    
piv3id    ),
    
piv4id    ),
    
piv5id ),
    
piv1tid ),
    
piv2tid ),
    
piv3tid ),
    
piv4tid ),
    
piv5tid );
    
if 
date <> date[1then begin
    volph    
0;
    
piv5    piv4;
    
piv4    piv3;
    
piv3    piv2;
    
piv2    piv1;
    
piv1    piv0;
    
    
piv1id TL_New(datesessionstarttime(01), piv1datesessionendtime(01), piv1);
    
piv2id TL_New(datesessionstarttime(01), piv2datesessionendtime(01), piv2);
    
piv3id TL_New(datesessionstarttime(01), piv3datesessionendtime(01), piv3);
    
piv4id TL_New(datesessionstarttime(01), piv4datesessionendtime(01), piv4);
    
piv5id TL_New(datesessionstarttime(01), piv5datesessionendtime(01), 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(dateMinlist(Time 30SessionEndTime(01) + 100), piv1 - (textscale MinMove/PriceScale), "[ v-d1 ]");
    
piv2tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv2 - (textscale MinMove/PriceScale), "[ v-d2 ]");
    
piv3tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv3 - (textscale MinMove/PriceScale), "[ v-d3 ]");
    
piv4tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv4 - (textscale MinMove/PriceScale), "[ v-d4 ]");
    
piv5tid Text_New(dateMinlist(Time 30SessionEndTime(01) + 100), piv5 - (textscale MinMove/PriceScale), "[ v-d5 ]");
    
end;

If 
piv1>0 then value1=tl_setend(piv1tid,date,Minlist(Time 30SessionEndTime(01) + 100),piv1);    
If 
piv2>0 then value1=tl_setend(piv2tid,date,Minlist(Time 30SessionEndTime(01) + 100),piv2);    
If 
piv3>0 then value1=tl_setend(piv3tid,date,Minlist(Time 30SessionEndTime(01) + 100),piv3);    
If 
piv4>0 then value1=tl_setend(piv4tid,date,Minlist(Time 30SessionEndTime(01) + 100),piv4);    
If 
piv5>0 then value1=tl_setend(piv5tid,date,Minlist(Time 30SessionEndTime(01) + 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(Volumelength) > volph then begin
    volph     
Average(Volumelength);
    
piv0    XAverage(Closelength);
    
//PlotPaintBar(High,Low,Open,Close,"",Yellow);
end

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