Automatic Support and Resistance Trading System for Metastock
Copied from Technical Analysis of Stocks and Commodities Magazine. This is in regards to an article on page 51 of the May 1998 issue.
The indicators S1 through S6 and R1 through R6 should be plotted as points and not as a continuous line.
The WRO and WSO oscillators are generally plotted together on a separatescale from the price plot.It is helpful to add horizontal lines at zero and 100 on this samescale. Horizontal lines can be added by clicking on the indicator and selecting “horizontal lines” from the Indicator Properties menu.
This is a long only system so exit signals are generate by a stoploss.
By Mel Widner
Indicator / Formula
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{Indicators:}
{S1}
IF(Ref(LOW,-4)=LLV(LOW,9),Ref(LOW,-4),PREVIOUS)
{S2}
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S1"),-1))
{S3}
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S2"),-1))
{S4}
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S3"),-1))
{S5}
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S4"),-1))
{S6}
IF(Fml("S1")=Ref(Fml("S1"),-1),PREVIOUS,Ref(Fml("S5"),-1))
{WSO}
100*(1Â(
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)
{R1}
IF(Ref(HIGH,-4)=HHV(HIGH,9),Ref(HIGH,-4),PREVIOUS)
{R2}
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R1"),-1))
{R3}
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R2"),-1))
{R4}
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R3"),-1))
{R5}
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R4"),-1))
{R6}
IF(Fml("R1")=Ref(Fml("R1"),-1),PREVIOUS,Ref(Fml("R5"),-1))
{WRO}
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)
{Automatic Support and Resistance Trading System}
{Enter Long:}
Fml("WSO") > Mov(Fml("WSO") , 4 , S ) OR Mov( Fml("WRO") , 30 , S ) > 950 comments
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