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I am a MultiCharts and EasyLanguage beginner. I am trying to program an indicator to automatically draw support and resistance lines on a candlestick chart based on visible past price action of a single time frame, for example daily. Does anyone know simple and reliable math formulas to determine support and resistance levels? I am not a math expert, so I am struggling to figure out an algorithm to do this. While I can easily draw support and resistance lines by hand, figuring a math formula to do this is much harder than I thought. Thanks for reading my post, this is my first post. I hope this post can help other traders with similar need.
Hank
Can you help answer these questions from other members on NexusFi?
I attached an image ESZ1daily.jpg as an example of support and resistance lines I manually drew. I chose daily candlestick to draw support and resistance on because I found it to be useful for determining major support and resistance for day trading purposes. Support and resistance lines, once discovered must extend to the right infinitely.
Start by describing in plain english how you calculate support and resistance, then someone can probably help you turn it into an indicator if it is consistent enough (not subjective).
