SupportAndResistance Indicator

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.

Risk Disclosure: Futures and forex trading contains substantial risk and is not for every investor. An investor could  potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. 

Hypothetical Performance Disclosure: Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
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