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Support and resistance indicator
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Created: by Adamus Attachments:15

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Support and resistance indicator

  #21 (permalink)
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fcg237 View Post
Hi @Adamus,

It is possible to only plot the lines of support and resistance for a range chart without looking to a 15 minute candle chart? when i tried it plotted a lot of lines and my ninja didnt respond for 5 minutes. I just want it to plot the last 3 days Sup/Res lines.

Thanks!

fcg237

OK but what's a range chart? Do you want to give me an example?

Did you enable all of the different time-frames? Or did you just use the defaults?

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  #22 (permalink)
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I just noticed your new indicator Adamus, Congrats and thanks! I look forward to have fun trying it out and will let you know if I have comments about it.

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  #23 (permalink)
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Thanks Cloudy, just remember it's in beta testing though. There are some serious usability issues that need to be sorted out, as per the list above.

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  #24 (permalink)
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Just uploaded a bug-fix version.

I had several situations where I was running into 'index out-of-bounds' situations, or race conditions where it just sat there and hogged as much CPU as it could get.

This indicator is proving to be a lot more complicated than I thought. Several factors increase how difficult it is to get it right:

- multiple time-series (this one now has 10, all hard-coded in, but 95% disabled unless used)

- the current time-zone shift with Daylight Saving now in the US but not in Europe for 2 weeks

- the new update of Ninjatrader (7.0.0.12) which technically should be effortless but always causes something to go wrong

- Interactive Brokers as a data provider to NT7 with the tendency for unnecessary data requests resulting in IB "pacing violations"

- the built-in indexing of bar references being descending past -> present in the OnBarUpdate event, but ascending in the override Plot function

- in fact, anything to do with the Plot function

Finally, I am at the point where I can advance onto the next bit of functionality needed, which is the merging of the S/R lines when they are close together.

Depending on how long that takes, I'll either post it as v4 as soon as complete or I'll carry on and code some functionality to make the labelling of the lines better.

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  #25 (permalink)
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Notifications sent.

Mike

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

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  #26 (permalink)
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Thanks @Big Mike - that's not automatic when I do the upload then?

New list of things to do, in rough order of importance:
  1. 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
  2. show labels only on mouse-over of a small part of the line
  3. add a rule to kill off or reverse S/R lines when broken - go over charts & work out what best represents a killer event
  4. add a parameter for how much above & below an S/R line to include in the rectangle
  5. 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, or 3 before, 2 after might be better (this might be an effective way to cut down the number of lines)
  6. instead of just a line for a level, create a zone based on how the swing point was formed, e.g. just the tails of the candles, or the hi and low of the small candle in a morning star candlestick pattern etc.
  7. create a dataseries property with all the levels in, which a strategy can call

If anybody wants to give me some thoughts about what exactly defines when an S/R level is clearly broken, that'd be appreciated.

What I thought would be easiest to code - the lines at round numbers - is turning out to be the most complicated, because it can be either S or R. Took me a while to work out the simplest solution.

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  #27 (permalink)
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Adamus View Post
Thanks @Big Mike - that's not automatic when I do the upload then?

No, I have to do it manually - and I do it once I see a post indicating it was updated. Just help me by editing the description of the download and including a small date/changelog at the bottom so when people get the notification, they can check to see if they need to update or not.

Mike

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

Need help?
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2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #28 (permalink)
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Quoting 

If anybody wants to give me some thoughts about what exactly defines when an S/R level is clearly broken, that'd be appreciated.

How about something like if the price has traded beyond an S/R line by more than x ticks for n amount of bars, consider it broken. For example, if the price has pierced a resistance line by more than 5 ticks for 3 consecutive bars, consider the resistance broken. Just an idea I'm throwing out there, it may be flawed. One good thing about this approach is that it would allow a quick spike past an S/R line without invalidating it. So if market momentum happens to carry the price briefly through an otherwise 'valid' S/R line, the indicator won't just discard it.

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  #29 (permalink)
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Quoting 
If anybody wants to give me some thoughts about what exactly defines when an S/R level is clearly broken, that'd be appreciated.

What about fading the level on paper. If you lose then just consider it broken.

Seriously, as a rule of thumb if price breaks a level and retest it and make a higher high then it is considered broken.

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  #30 (permalink)
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I've been using the indicator, thanks. I just set the day, weekly , and 1st and 2nd sub sessions to 'true'. Everything else to 'false'. Very nice levels.

example:

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