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Automatic Support and Resistance by Mel Widner for Metastock
Appenta
about 7 years ago
Metastock

Rating:
0 / 5 (Votes 0)
Tags:
metastock, support, resistance

This indicator/formula was presented in the May 1998 issue of the ‘Technical Analysis of Stocks and Commodities’ magazine. The article was titled “Automatic support and resistance” the article described an approach to finding support and resistance levels on a chart. The indicator is made up of 14 different formulas. ‘WRO’ and ‘WSO’ should be plotted together in a separate chart pane. ‘S1’ – ‘S6’ are the support levels and ‘R1’ – ‘R6’ are the resistance levels both sets of formulas should be plotted as points on a price chart.

Screenshots

Files

Indicator / Formula

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IF(Ref(LOW,-4)=LLV(LOW,9),Ref(LOW,-4),PREVIOUS)
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IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S1"),-1))
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IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S2"),-1))
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IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S3"),-1))
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IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S4"),-1))
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IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S5"),-1))
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100*(1 - ­(
Int(Fml("S1")/CLOSE) + Int(Fml("S2")/CLOSE) +
Int(Fml("S3")/CLOSE) + Int(Fml("S4")/CLOSE) +
Int(Fml("S5")/CLOSE) + Int(Fml("S6")/CLOSE)) / 6)
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100*(1-(
Int(Fml("R1")/CLOSE) + Int(Fml("R2")/CLOSE) +
Int(Fml("R3")/CLOSE) + Int(Fml("R4")/CLOSE) +
Int(Fml("R5")/CLOSE) + Int(Fml("R6")/CLOSE)) / 6)
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IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R5"),-1))
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IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R4"),-1))
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IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R3"),-1))
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IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R2"),-1))
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IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R1"),-1))
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IF(Ref(HIGH,-4)=HHV(HIGH,9),Ref(HIGH,-4),PREVIOUS)

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