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metastock, support, resistance

Automatic Support and Resistance

Copied from Technical Analysis of Stocks and Commodities Magazine. This is in regards to an article on page 51 of the May 1998 issue.
In my article “Automatic support and resistance” in this issue, I present a computerized approach to finding support and resistance levels on a chart. To recreate the indicators and system described in my article using MetaStock for Windows, enter the following formulas:

Submitted by karim.chakib over 11 years ago

Submitted by tasma about 13 years ago

Submitted by aashish51 about 13 years ago

Submitted by roszyk about 14 years ago

Submitted by chsmcp about 12 years ago

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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*(1Â­(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)
 
{The indicators S1 through S6 and R1 through R6 should be plotted as points and not as a continuous line.
 
Trading System Formulas and Parameters: Enter long positions on either building support or sustained uptrend and exit position using stops. No short positions.}
 
Enter Long: Fml("WSO") > Mov( Fml("WSO") , 4 , S ) OR Mov( Fml("WRO") , 30 , S ) > 95
 
{Stop Out:
 
Breakeven stop: Floor level at 2%
 
Trailing stop: Profit risk of 10 Percent, ignoring 10 periods
 
Maximum loss stop: Maximum loss of 7%
 
Other Conditions:
 
Initial equity = 1000, Long positions only, Trade price = close, Trade delay = 0, Entry commission = 0%, Exit commission = 0%, , Interest rate = 5%, Margin req. 100%}

3 comments

1. villageidiot3

almost 15 years ago

Hi,
Getting error message while trying to paste in Metastock Indicator Editor. Kindly recheck and submit with corrections.
Thanks in advance,
Jk.

Report as Spam

2. administrator

almost 15 years ago

Each S1:, WSO:, R1: etc is a separate indicator and needs to be put in its own indicator builder.

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Automatic Support and Resistance for Metastock free88x about 15 years ago Metastock

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Automatic Support and Resistance for Metastock
free88x
about 15 years ago
Metastock