Support and Resistance

[Shooter]

Yes. I have yet to see/find an S/R indicator for any platform that is of significant use.

You're probably right.
I was always told that S/R is an indioviual thing.
Draw a trillion horizontal lines on a chart, ask a dozen trader's where he/she see's the next support, & you generally get a dozen different views.
I use previous % because that's the way I was taught, but they only work in an ideal situation.
I trade three lots, enter on a break of 12.5% (Not shown) or 25&, depending on apparent Vol. & drop one lot at each % break. Stops are 12.5% behind action.
Basic, but works. I think it's better in 'Soft's', which is my background. But it'll do until I get settled in FX.

 

[JTrader]

You're probably right.
I was always told that S/R is an indioviual thing.
Draw a trillion horizontal lines on a chart, ask a dozen trader's where he/she see's the next support, & you generally get a dozen different views.
I use previous % because that's the way I was taught, but they only work in an ideal situation.
I trade three lots, enter on a break of 12.5% (Not shown) or 25&, depending on apparent Vol. & drop one lot at each % break. Stops are 12.5% behind action.
Basic, but works. I think it's better in 'Soft's', which is my background. But it'll do until I get settled in FX.

I agree.

No S/R indicator can be much better than the next anyway, as if S/R is broken by price, which it naturally does, the indicator will not have been much use.
Therefore any S/R indicator out there, and i've tried looking at all the MT4 ones i could possibly find, will be roughly of equal use as the next S/R indicator.
I guess the "useful to the individual user" preference aspect comes in the form of, how many lines does it draw, from where does it draw the lines (high,low candle body etc), how far back does it draw lines, can i alter the settings etc.

 

[wasp]

There must be a way I can avoid having to spend 3 hours on every pair checking if s=r=s=r consistently enough to trade it by means of an indicator rather than drawing the damn lines!

There must be..........

 

[JTrader]

But would the indicator draw a frequency of lines in the right places that you'd be happy with, or might you find yourself disagreeing with some individual lines marked by the indicator etc....

 

[Shooter]

There must be a way I can avoid having to spend 3 hours on every pair checking if s=r=s=r consistently enough to trade it by means of an indicator rather than drawing the damn lines!

There must be..........

It may seem corny...but floor pivots still work.

I,m with you on your last post TJ
Still adapting to not having an analyist on hand!

 

[wasp]

But would the indicator draw a frequency of lines in the right places that you'd be happy with, or might you find yourself disagreeing with some individual lines marked by the indicator etc....

Ah well, therein lies the problem of indicators but considering what computers can do this day and age, this should be a walk in the park.......

 

[TheRumpledOne]

hmmm, still seems a bit excessive...

LOL!

There are INPUTS that allow you to turn on/off the plots.

So you don't have to see the retracements or the projections.

Once you learn how to read it, you'll love those dots!

By the way, JTrader, I would prefer if you posted the link to the code, rather than the code itself. I make changes all the time and someone might get an old version.

 

[Shooter]

S/R, of a sorts

One of the tools I used, was part of a level two bundle. I think it wouls justify the lable S/R.
Basically it was two lines (tarted up with numbers & some artwork) & I think I can remember the salient parts. If a coder would like to take a lunge at it, it could be fun, if nothing else.
I suppose it could be called a 'moving Target & Stop line indicator) Who know's.
I used a lot on fast day's.
Anyone want to have a go?