NexusFi: Find Your Edge


Home Menu

 





Programing Support and resistance levels


Discussion in NinjaTrader

Updated
      Top Posters
    1. looks_one Zondor with 3 posts (7 thanks)
    2. looks_two Fat Tails with 3 posts (6 thanks)
    3. looks_3 Big Mike with 2 posts (2 thanks)
    4. looks_4 StockT8er with 2 posts (0 thanks)
      Best Posters
    1. looks_one Zondor with 2.3 thanks per post
    2. looks_two Fat Tails with 2 thanks per post
    3. looks_3 Big Mike with 1 thanks per post
    4. looks_4 marianobilli with 1 thanks per post
    1. trending_up 17,087 views
    2. thumb_up 17 thanks given
    3. group 10 followers
    1. forum 17 posts
    2. attach_file 0 attachments




 
Search this Thread

Programing Support and resistance levels

  #1 (permalink)
izamu
Washington D.C.
 
Posts: 4 since May 2011
Thanks Given: 1
Thanks Received: 0

I am programming an automated trading system with a couple of other people. using R and python languages. Its time to define support and resistance and I am having hard time thinking of something satisfying, I came up with a couple of unconvinsing definitions. Any one can direct me to the straigh path?

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Better Renko Gaps
The Elite Circle
NexusFi Journal Challenge - April 2024
Feedback and Announcements
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
Are there any eval firms that allow you to sink to your …
Traders Hideout
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
38 thanks
NexusFi site changelog and issues/problem reporting
27 thanks
GFIs1 1 DAX trade per day journal
19 thanks
The Program
18 thanks
  #3 (permalink)
 
Fat Tails's Avatar
 Fat Tails 
Berlin, Europe
Market Wizard
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
Posts: 9,888 since Mar 2010
Thanks Given: 4,242
Thanks Received: 27,102



izamu View Post
I am programming an automated trading system with a couple of other people. using R and python languages. Its time to define support and resistance and I am having hard time thinking of something satisfying, I came up with a couple of unconvinsing definitions. Any one can direct me to the straigh path?


There as many ways to define support and resistance as there are ways to prepare a chicken dinner.


The most important thing is to define what type of support and resistance you want to take into account. This could be

-> prior daily highs and lows
-> yesterday's VWAP or point of control
-> Fibonacci confluence zones
-> floor pivots
-> target zones calculated from daily volatility expectations
-> areas above and below trading ranges
-> round numbers
-> trend lines
-> trend channel lines
-> the current day's VWAP
-> volatility bands

etc.

In the end support and resistance is just designating a gathering point for traders, where they project to close their existing positions or open new positions for whatever reasons. All these gathering points rely on self-fulfillinf prohecy, a trend line will only work, if there are enough traders that have identified it.

So support and resistance is nothing else than a high density area for various meeting points. Up to you to define, which of these you want to use in your code.

Reply With Quote
  #4 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,397 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537

If you look here:



You'll find a Murrey Math strategy I wrote for NinjaTrader. You could substitute in whatever kind of S/R you want, like Pivots, and use the functions I created to find the nearest levels.

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #5 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,397 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537

 
Thread Moved


Moved to NinjaTrader Programming



When creating a new thread, note which subforum you are in. Here is a short list of suggestions:

- Topic: Anything to do with an Elite indicator -> Subforum: The Elite Circle
- Topic: Looking for an existing indicator, or how-to use an indicator -> Subforum: (the platform)
- Topic: Programmer needing help with non-Elite indicator -> Subforum: (the platform) - Programming
- Topic: Want an indicator created/modified -> Reply to "Want indicator created free" in Elite Circle
- Topic: Vendors (trading rooms, commercial indicators) -> Subforum: Vendors/Product Reviews
- Topic: Discussion of Forex or Currency trading -> Subforum: Forex and Currency Trading
- Topic: Journals of your trading -> Subforum: Trading Journals or Elite Trading Journals
- Topic: General trading related discussions -> Subforum: Traders Hideout
- Topic: Discussion of a trading method -> Subforum: Traders Hideout
- Topic: Automated Trading -> Subforum: Elite Automated Trading

Last, any Elite Member may create more or less any of these topics in The Elite Circle at your own discretion (your support is appreciated).

This is just a short general list and doesn't cover everything. If you are unsure where to create your new thread, just create it in Traders Hideout and a moderator will move it if necessary.

-- Big Mike Trading



Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #6 (permalink)
 
RJay's Avatar
 RJay 
Hartford, CT. USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP/CQG, Kinetick
Trading: RTY
Posts: 682 since Jun 2009
Thanks Given: 757
Thanks Received: 787


izamu View Post
I am programming an automated trading system with a couple of other people. using R and python languages. Its time to define support and resistance and I am having hard time thinking of something satisfying, I came up with a couple of unconvinsing definitions. Any one can direct me to the straigh path?


Support and Resistance are the result of Market Makers pumping supply into the markets at specific price levels in an attempt to influence the markets.

Reply With Quote
  #7 (permalink)
 
Zondor's Avatar
 Zondor 
Portland Oregon, United States
 
Experience: Beginner
Platform: NinjatraderŽ
Broker: CQG, Kinetick
Trading: Gameplay KlownbineŽ Trading of Globex
Posts: 1,333 since Jul 2009
Thanks Given: 1,246
Thanks Received: 2,731

MIDAS VWAP is excellent for plotting support and resistance. For rangebound conditions, displacement bands around the central VWAP do a good job of defining the chop range.

There is a Ninjatrader MIDAS indicator available for free on the Ninjatrder forum. It's a little awkward to use, but it does the job.

A new vendor, MIDAS Explorer, has a version that is much easier to use, and worth a look. Disclosure: I had a two week free trial, and did get a mention on the site for reporting some bugs to the Developer. I liked these indicators and am considering purchasing them, but I have no connection to MIDAS Explorer other than having tried it.

Here is a good information source:

Home

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #8 (permalink)
 
Fat Tails's Avatar
 Fat Tails 
Berlin, Europe
Market Wizard
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
Posts: 9,888 since Mar 2010
Thanks Given: 4,242
Thanks Received: 27,102


Zondor View Post
MIDAS VWAP is excellent for plotting support and resistance. For rangebound conditions, displacement bands around the central VWAP do a good job of defining the chop range.

There is a Ninjatrader MIDAS indicator available for free on the Ninjatrder forum. It's a little awkward to use, but it does the job.

A new vendor, MIDAS Explorer, has a version that is much easier to use, and worth a look. Disclosure: I had a two week free trial, and did get a mention on the site for reporting some bugs to the Developer. I liked these indicators and am considering purchasing them, but I have no connection to MIDAS Explorer other than having tried it.

Here is a good information source:

Home


@ Zondor: Why don't you code it yourself?

Also I would like to know the following:

(1) Does the S/R indicator auto-select the starting points for the S/R curves, or does the user need to select these pivots?

(2) Does the top- and bottomfinder auto-select the starting point and match the curve by aligning it to the first retracement, or is this to be adjusted manually?

(3) Are the indicators multi-timeframe indicators, which use a 1-min bar series to calculate indicator values for higher precision?

Reply With Quote
Thanked by:
  #9 (permalink)
 
Zondor's Avatar
 Zondor 
Portland Oregon, United States
 
Experience: Beginner
Platform: NinjatraderŽ
Broker: CQG, Kinetick
Trading: Gameplay KlownbineŽ Trading of Globex
Posts: 1,333 since Jul 2009
Thanks Given: 1,246
Thanks Received: 2,731


Fat Tails View Post
@ Zondor: Why don't you code it yourself?

Also I would like to know the following:

(1) Does the S/R indicator auto-select the starting points for the S/R curves, or does the user need to select these pivots?

(2) Does the top- and bottomfinder auto-select the starting point and match the curve by aligning it to the first retracement, or is this to be adjusted manually?

(3) Are the indicators multi-timeframe indicators, which use a 1-min bar series to calculate indicator values for higher precision?



The free Ninjatrader indicator is very awkward to use. The Midas Explorer indicators are extremely easy and convenient to use.

The Midas Explorer tools have a very convenient user interface that uses a hotkey and the mouse. Midas trading is based on user discretion in choosing start bars according to simple rules that require a bit of judgement, so the user interactively chooses the start bar and then adjusts the bands with WYSIWYG controls. You start a curve by clicking on, above, or below a price bar. Then a form pops up, with controls for customizing the base curve and its derivatives. It is REALLY EASY to use.

Only one instance of the indicator is placed on a chart, then any number of curves can be added. The base Midas Explorer curve can be based on medians, highs, or lows of the price bars.

The Ninjacator has, in addition to the base curve. only adjustable offset displacement curves. These are best for non trending periods. The Explorer indicators have a few other curve types that I haven't seen before that are very good for generating trend lines when the market is moving.

I do not think they use a secondary one minute data series. The basic Midas curve will superpose exactly over one started on the same bar by the Ninjatrader indicator.

I don't have any idea at all how to code the interactive functionality of Midas Explorer. I have not seen anything that works like this up until now. The Developer is very accessible and responsive, and I think these indicators have a lot of value. Midas Advanced seems to be the only one you would really need.

Let's be realistic. If you are NOT taking VWAP into consideration in the calculation of support and resistance, you are ignoring one of the most crucial indications that are watched by the PROFESSIONALS. Why would you want to trade blindfolded?

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #10 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
Posts: 6,098 since Jun 2009
Thanks Given: 877
Thanks Received: 8,090



Zondor View Post
.. The user is required to determine the start bar and to adjust some of the band types. ...

I get tired of clicking on a new start bar pretty quick so it is not for me.

Reply With Quote
Thanked by:




Last Updated on June 7, 2020


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts