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Support and Resistance Indicator


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Support and Resistance Indicator

  #11 (permalink)
futurenow
Earth planet
 
Posts: 50 since Feb 2017
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Thanks Received: 13


iq200 View Post
Hi -
A quick intro first .....
The software has a few issues which I didnt get round to fixing. It uses historical data input as additional data streams but specified as number of bars back to load. The levels are generated from historical swing points. One problem is that if there is not enough data loaded then the levels may not be loaded correctly. Conversely, if too much data is loaded then there are too many levels, some which are too close together. I fixed the latter issue by specifying a minimum ATR threshold but the first problem is still there. Finally yet another issue is that the levels are only historical as at the time, I was only testing the software out to test out concepts and code needs to be added to update the levels realtime.

Now, I use equities and the amount of data available for some equities or the amount of data required to go back to generate the levels varies from equity to equity. This started becoming a headache and because of this, I basically stopped working on it quite a while ago...

If it sounds like something that might interest you considering the issues I have highlighted, I can fix any operational issues and post it but may not work as you want it in real time....

Cheers,
iq


Thank you very much for your response iq200, I appreciate the fast response

Ok, I think if you have had some context you could better understand the situation in which I would mainly use the indicator, that is not in real time (for now), and not for too much pre-loaded data, it is just to analyze the last 3 market days, identifying the main support and resistance lines of those 3 days, then mark the quantity of point movement (NT8 Ruler) from level to level, to finally obtain the average of points movement of a Future in those 3 days, to use that average result as base for the current day of trading. That's would be the normal usage but also the same in Market Replay mode, but the normal is an indicator works in the same way either in Live, or in Demo, or in Simulated or in Market Replay, so it would be the same process

Here I will leave a thread I opened after write in this post about your indicator. There I explain graphically what I need, you could read it, please, to see if maybe you could post any idea or directly the indicator you have for the Support and Resistances:



But in fact, yes, I'm interested to use the indicator even with the limitations you described, because I see in my case (as I just described here) it could work.

Thank you!

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  #12 (permalink)
 iq200 
London, UK
 
Experience: Intermediate
Platform: Ninjatrader, Tradestation
Broker: Kinetick, InteractiveBrokers
Trading: Equities, Futures
Posts: 408 since Jun 2010
Thanks Given: 145
Thanks Received: 278

OK Here is the indicator. I've also included another indicator which labels the horizontal levels with the price values...

Bear in mind that this is one of the first indicators I created when I was learning how to code in Ninjatrader so there is some debug code which I think have commented out. Let me know if you have any probs.

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Last Updated on July 12, 2021


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