Support and Resistance #217
Replies: 7 comments 15 replies
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I like the idea! Isn't that more or less the same as the ZigZag indicator? Not sure.. |
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It's tough. How do you get an algorithm to find what seems to be obvious support and resistance lines?
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sorry i answer late and sorry about my language . i think Fractal is better than zigzag . you could list of point from fractal then which on has more repeat is best of support or Resistance . and if the point bearish fractal or bullish fractal has a long time is better . |
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Hi, |
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Thank you for some thoughts on this. Let me break these three items out into separate threads to discuss further. |
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I was just randomly looking at my chart and had a thought that it'd be fairly easy to add these trailing support and resistance lines to Williams Fractal. I think @aemamj is on the right track.
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Fibonacci Retracement Levels: anybody use them successfully? I've never quite understood the logic behind them; other than that they claim to represent "natural" patterns in price movement. I loved the DaVinci Code (movie) with Nick Cage. It introduced me to Fibonacci numbers. Later, I used Fibonacci numbers in Planning Poker with Scrum teams. How it can be used to predict price behavior or support and resistance, is a mystery to me, like the DaVinci Code. Isn't it like drawing an arbitrary line in the sand and saying that's supposed to mean something? Fibonacci is also used in one of several forms of Pivot Points. |
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Since Pivot Points in general seems to be a legitimate indicator, I'll move it up in the backlog for v1. Hopefully along the way I can figure out how to use them correctly (a learning lesson for me). I'll likely have a parameter to specify which variant to return, rather than creating separate methods for each flavor. |
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Pivot Points is now available in version 1.4.0 |
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Was just checking out Barcharts.com. They have an interesting page enumerating different levels of support and resistance: |
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This might be interessting. |
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That is a interesting idea. Looks like he’s using some calculus on EMA to then back-identify the last high/low. It’s got a lag due to the EMA, but I suspect most support / resistance indicators do. Might work faster with HMA or one of the newer moving averages. |
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i read any document these days that to find a way to show "Support and Resistance" . when I have read a pdf for fuzzy algorithms i saw a indicator in the pdf that name is "Support and Resistance" . this pdf is |
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Their equation for Support and Resistance is Bollinger Bands, right? I think it is. See page 6.
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According to the authors of that paper:
I guess I’ll just quit and find a new hobby! 😄 |
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Wanted to ask if there is anyone that was able to figure out determining support and resistance lines using a combination of the pre-existing technical indicators? A thread on possible solutions: https://stackoverflow.com/questions/8587047/support-resistance-algorithm-technical-analysis |
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Or maybe machine learning? |
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https://www.tradingview.com/script/Ej53t8Wv-Support-Resistance-Channels/ This is my favorite support and resistance indicator and it’s based solely on pivot points. |
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Solid use of Pivots. Like. |
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@abcdamir2 had brought up Support and Resistance as an indicator (#214). This is something I've had in the backlog for a while, but have yet to find a standard method for computing it as an actual indicator in the library. Any thoughts or sources on how we might do it?
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