PVSupportAndResistance Indicator
This is a tool to get a real support/resistance level to the automated strategies but you might utilize this at discretionary trading as well.Check PVSwingZones as it gives more visual way to see those levels (use dynamic scaling with it) but this tools points those levels at exact ranges from last close value so you can check that inside strategy.
Parameters (Default):
- MaxDays (0): How many days saved, set 0 to save all from chart. NT8= LookBackSessions
- Mode (Normal): Normal/Weighted. Weighted puts more weight to those stronger support/resistance levels. (see PVSwingZones, same model) NT8= only Normal, no switch
- RangeV: Ticks from last close up & down, which defines the range from where to calculate support resistance levels from history.
- Strength (5): See Swing indicator
Plots:
- Resistance (Orchid, Bar, Solid, 3Pix): Shown as negative value although those could be either way (changed this way to version 1.02 as more intuitive?). FYI: You probably need to MULTIPLY this with -1 in your strategy .. or just use diff or actually sum of Support & Resistance.
- Support (Brown, Bar, Solid, 3Pix): Shown as a positive value although no idea which way is more intuitive
Example picture:
This is a 5 min chart with 30 days of data with several indicators.The first indicator is TMSupportAndResistance with only 1 day (= last one = current day) support/resistance levels.
The Second with all data (maxDays = 0, everything is saved).
Third, with 10 days last saved data (maxDays = 10). This maxDays is actually quite important for strategies so you can back test those reliable.
On chart PVSwingZones as it actually shows those more visually.
The red drawing try to show how those values are calculated together...
FYI, this is a old picture and support/resistance is more intuitive now (hopefully).
Download: NT7 NT8
Check that you are using version 1.02.Purchase (PriceGroup3)
This use same license as PVSwingZones so you are able to use two with one price.
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of future results.
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adversely affect actual trading results. There are numerous other
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preparation of hypothetical performance results and all which can
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