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Support - Resistance Level for Amibroker (AFL)

Rating:
3 / 5 (Votes 2)
Tags:
amibroker, support, resistance

Support and Resistance Daily Trading

By graham Kavanagh May 2003

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Indicator / Formula

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_SECTION_BEGIN("Support Resistance levels");
//Support and resistance levels using RSI.
//graham Kavanagh May 2003
//Load into Indicator Builder
//Sensitivity of the levels can be changed with the variables
//Can test different numbers live with the Param function ctrl-R with open pane
RSIperiod	= 5;	// Param("RSI p",3,14,30,1);
Percent 		= 5;	//	Param("ZIG %",8,9,15,1);
EMAperiod 	= 5;	//Param("EMA p",4,5,10,1);
HHVperiod 	= 5;	//Param("HHV p",3,5,10,1);
NumLine 		= 1;	//Param("Num Lines",3,1,20,1);

Base = DEMA(RSI(RSIperiod),EMAperiod);

GraphXSpace=0.5;
Plot(C,"",colorBlack,styleCandle);

for( i = 1; i <= numline; i++ )
{
ResBase = LastValue(Peak(Base,Percent,i));
SupBase = LastValue(Trough(Base,Percent,i));
Plot(ValueWhen( ResBase==Base, HHV(H,HHVperiod) ), "Resist Level", colorRed, styleLine);
Plot(ValueWhen( supbase==Base, LLV(L,HHVperiod) ), "Support Level", colorGreen, styleLine);
}
Title = Name() + "; " + Date() + ": Support & Resistance Levels using RSI: " + /*EncodeColor(colorGreen)+ "Support Levels are Green; "+EncodeColor(colorRed)+ "Resistance Levels are Red: "+EncodeColor(colorBlack)+*/ "Num lines ="+WriteVal(numline,1) ; 
_SECTION_END();

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