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Levels indicator
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Created: by romus Attachments:2

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Levels indicator

  #11 (permalink)
Melbourne, VIC, Australia
 
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sudhirc View Post
@romus
Did you try mksupdemzones, it even does it in MTF.

https://futures.io/local_links_search.php?action=show&literal=1&search=mksupdemzones&desc=1&keys=1

It even does it in MTF.

Sudhir

@sudhirc,

Hmm, interesting - but not quite what I am after.
Thanks anyway for your help,
romus.

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  #12 (permalink)
Berlin, Europe
 
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Fat Tails's Avatar
 
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Answer
This post has been selected as an answer to the original posters question Answer

Some ideas:

If you draw monthly highs and lows on your chart, this will probably work with stocks, but may not work with futures. The reason here are the rollover offsets that are just for backadjusting data. Some contrats such as CL are backadjusted every month, and a high / low from February has been already backadjusted 6 times now, and even worse there is no precise rule for determining the rollover offset.

However, if you ask for daily highs and lows, such as the highs and lows for the last 4 days, it would typically not be affected by backadjustment.

You could also have a look at naked highs and naked lows - only displaying highs and lows that have not been taken out by price action.

You could apply a swing indicator that uses swing strength or minimum deviation to identify highs or lows. Everything is possible, but you need to decide which potential support and resistance levels you wish to display.

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The following 3 users say Thank You to Fat Tails for this post:
 
  #13 (permalink)
Melbourne, VIC, Australia
 
Trading Experience: Intermediate
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Fat Tails View Post
Some ideas:

If you draw monthly highs and lows on your chart, this will probably work with stocks, but may not work with futures. The reason here are the rollover offsets that are just for backadjusting data. Some contrats such as CL are backadjusted every month, and a high / low from February has been already backadjusted 6 times now, and even worse there is no precise rule for determining the rollover offset.

However, if you ask for daily highs and lows, such as the highs and lows for the last 4 days, it would typically not be affected by backadjustment.

You could also have a look at naked highs and naked lows - only displaying highs and lows that have not been taken out by price action.

You could apply a swing indicator that uses swing strength or minimum deviation to identify highs or lows. Everything is possible, but you need to decide which potential support and resistance levels you wish to display.

@Fat Tails,

Great suggestion - did not think of the rollovers for Futures but very often I can see old levels being hit - regardless of the backadjustment. Some levels are 2 years old and are hit to the tick!
Naked highs and lows - will have a look at this one.
Worst case scenario - always can do it manually - but idea of the indicator sounds simple, if I could code it.

Many thanks for suggestions and help,
romus.

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  #14 (permalink)
Melbourne, VIC, Australia
 
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romus View Post
@sudhirc,

Hmm, interesting - but not quite what I am after.
Thanks anyway for your help,
romus.

@sudhirc,

I have it applied (mkSupDemZones) and it did a GREAT job - to the tick!

Many thanks again,
romus

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  #15 (permalink)
Legendary Market Wizard
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DavidHP's Avatar
 
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Swings on Bar count not on Levels

I just loaded the mkSupDemZones indicator and see something unexpected.

To show the problem I used a Range 1 tick chart.
It would seem that swing indicators should show swings on PRICE levels not BAR counts.
Most of the ones I've have checked all do the same thing as this one so it is not unique to mkSupDemZones.

I have the indicator set to show swing spans of 8.
I would think the swing would not be made until 8 ticks of price change AND a new high or low is detected.

However, most of the swing indicators show a swing when more than 8 bars are detected and a new high or low.
This seems like a bug? Or is it just not programmed to detect tick levels?
I guess I have just missed this before now.

Attached is an image.
The numbers above/below the swings are price levels from one swing to the next

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