NT8 Indicator to obtain the average movement in points from Supports to Resistances - futures io
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NT8 Indicator to obtain the average movement in points from Supports to Resistances

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NT8 Indicator to obtain the average movement in points from Supports to Resistances

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  #1 (permalink)
Dallas Texas
Posts: 20 since Feb 2017
Thanks: 12 given, 4 received


The situation is that every day in pre-market time I need to manually draw Support and Resistance lines for the 3 last trading days (Monday to Friday trading days, no Sundays), and with that visual information to obtain the average points of move from a symbol, for "volatility" purposes, to know the average number of points in the movements/impulses from relevant level to relevant level of the symbol (please see the attached picture).

I think in simple words, what I calculate would be the average points a symbol moved in its impulses in the last 3 trading days. But explaining it a little, if for example you are analyzing the ES (S&P Futures) then the information needed in my case is to know the average points (or ticks) the ES has moved from all the relevant levels of the 3 previous trading days, to have an approximate idea about what average movement in points could be expected in the present day.

About the support and resistance levels of the 3 previous days, I mark the most important and they normally are more or less between 7-10 levels (to have an idea), to then use the NT8 ruler to see the points from level to level (for each level), and finally to obtain the average of them.

I attached a picture for a better visual idea about all the process I'm describing here.

Taking the example in the picture, the main I need is the 14.04 points in avegare result.

Well, I do this every morning in the pre-market time as a routine to obtain a result that take me minutes and I think an indicator could make this in just 5-10 seconds, so I would like to know if someone here could help me with this, to make this process in a automatic or semi-automatic way maybe just having to manually indicate what are those 3 last trading days (to avoid to auto-chose holiday or Sunday days), and click in calculate and done!

Thank you!

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  #2 (permalink)
Legendary Market Wizard
Experience: Intermediate
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Broker: AMP/CQG
Trading: ES, NQ, YM
trendisyourfriend's Avatar
Posts: 4,087 since Oct 2009
Thanks: 3,750 given, 5,291 received

I think my indicator would do the job:

It does calculate the average gap between the zones (see rectangles 1,2,3) as well as the average size of all manually drawn rectangles to make a forecast. Here we have two zones forecasted above/below the manually drawn rectangles in blue.

It is free and in the download section.

Another ex,:

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