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Tradewinds

Support and Resistance Auto Plots

By Tradewinds, in Trading Indicators

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Tradewinds    12

Tradewinds
Posted

This is the indicator that I use on my chart. It is the only indicator I use on a price chart. As far as price is concerned, all I care about is Support and Resistance. I use this indicator on a one minute chart of the ES E-mini SP 500. It plots a Resistance line as soon as a Peak signal fires. When the second Peak signal fires, it plots a new Resistance line, and extends the old Resistance line in a different style. The same happens for Support lines.

 

attachment.php?attachmentid=25269&stc=1&d=1310178939

 

 

This indicator in in Easy Language code, programed in TradeStation. It is shown below, plus attached as an ELD file.

 

 

//7-8-11
// Programed by tradescripter

//hh=higher high, ll=lower low
var: hh(False),ll(False),lh(False),hl(False);
var: ClsDwn(False),ClsUp(False);
var: Aftr929(False),Aftr932(False),Aftr939(False);
var: BeforeCls(False);
var: DayHrs(False),newDay(False),OKtoPlot(False);
var: Peak1(False),Peak2(False),Peak3(False),Peak4(False),Peak5(False),Peak6(False);
var: Bttm1(False),Bttm2(False),Bttm3(False),Bttm4(False),Bttm5(False),Bttm6(False);
var: Peak(False),Bttm(False);
var: PeakPrice(H),BttmPrice(L),PriorPeakPrice(H),PriorBttmPrice(L);
var: NoPriorPk(False),NoPriorBttm(False);
var: HL_Price(False),LH_Price(False);
var: NewRzstnceExt(-1), OldRzstnceExt(-1), OldSupport(-1), OldExtSpprt(-1);
var: OldRzstnceBegPrice(h), OldSprtBegPrice(L), OldHiExtBegPrice(H), OldBegPrice2(H);
var: NewRzstnceBegTime(t), NewRzstnceExtBegTime(t), NewLowExtBegTime(t), NewSpprtBegTime(t);
var: NewRzstnceBegDate(D), NewSpprtBegDate(D), NewRzstnceExtBegDate(D), NewLowExtBegDate(D);
var: HierHigh(False), LowerHigh(False), HierLow(False), LowerLow(False);
var: SteppedDwn(0);
var: NewRzstnce(-1), OldRzstnce(-1), NewSpprt(-1);
var: NewSupportExt(-1);

hh=h>h[1];
ll=l<l[1];
lh=h<h[1];
hl=l>l[1];
ClsDwn=c<o;
ClsUp=c>o;

Aftr929=T>929;
Aftr932=T>932;
Aftr939=T>939;
BeforeCls=T<1600;
DayHrs=Aftr929 and BeforeCls;

newDay=date <> date[1];

//OKtoPlot=DayHrs=True;

Peak1=ClsUp[1] and ClsDwn;
Peak2=lh[1] = False and ClsDwn;
Peak3=lh[1] = False and lh;
Peak4=ClsUp[1] and lh;
Peak5=hh[1] and hh = False;
Peak6=hh and ClsUp = False;

Bttm1=ClsDwn[1] and ClsUp;
Bttm2=hl[1] = False and ClsUp;
Bttm3=hl[1] = False and hl;
Bttm4=ClsDwn[1] and hl;
Bttm5=ll[1] and ll = False;
Bttm6=ll and ClsDwn = False;

Peak=(Peak1 = True or Peak2 = True or Peak3 = True or Peak4 = True or Peak5 = True);
Bttm=(Bttm1 = True or Bttm2 = True or Bttm3 = True or Bttm4 = True or Bttm5 = True);

NoPriorPk=Peak[1] = false;
NoPriorBttm=Bttm[1] = false;

if Peak6 and NoPriorPk then
Begin
 PeakPrice = H;
End else If
 Peak and NoPriorPk then 
Begin
 PeakPrice = H[1];
End;

if Bttm6 and NoPriorBttm then
BttmPrice=L else If Bttm and NoPriorBttm then
BttmPrice = L[1];

HierLow=BttmPrice>BttmPrice[1];
LowerHigh=PeakPrice<PeakPrice[1];

LowerLow=BttmPrice<BttmPrice[1];
HierHigh=PeakPrice>PeakPrice[1];

if LowerLow then SteppedDwn = 1 else if HierLow then SteppedDwn = 0;

if PeakPrice <> PeakPrice[1] then PriorPeakPrice = PeakPrice[1];
if BttmPrice <> BttmPrice[1] then PriorBttmPrice = BttmPrice[1];

{-- Starts a new Resistance Line, then ends the old Resistance Trend line if a new peak signal fires ---}
If Peak and NoPriorPk Then 
Begin

 OldRzstnce = NewRzstnce;

  	If Peak6 and NoPriorPk then
 	 Begin
  NewRzstnce = tl_new(d[1], t[1], H, d, t, H);
 End
Else
 Begin
  NewRzstnce = tl_new(d[1], t[1], H[1], d, t, H[1]);
 	End;

Value1 = TL_SetExtRight(NewRzstnce, True);
Value2 = TL_SetSize(NewRzstnce, 2);	
Value3 = TL_SetColor(NewRzstnce, Blue);

If OldRzstnce <> -1 Then
 Begin
 	NewRzstnceBegDate = TL_GetBeginDate(NewRzstnce);
   NewRzstnceBegTime = TL_GetBeginTime(NewRzstnce);
   OldRzstnceBegPrice = TL_GetBeginVal(OldRzstnce);
   Value4 = TL_SetExtRight(OldRzstnce, False); //Stop extending the original line to the right.
   Value5 = TL_SetEnd(OldRzstnce, NewRzstnceBegDate, NewRzstnceBegTime, OldRzstnceBegPrice);
 End;
End;

{-- Starts a new trendline if a new bottom signal fires ---}
If Bttm and NoPriorBttm Then 
Begin
 OldSupport = NewSpprt;

  	If Bttm6 and NoPriorBttm then
 	 Begin
  NewSpprt = tl_new(d[1], t[1], L, d, t, L);
 End
Else
 Begin
  NewSpprt = tl_new(d[1], t[1], L[1], d, t, L[1]);
 	End;

Value6 = TL_SetExtRight(NewSpprt, True);
Value7 = TL_SetSize(NewSpprt, 2);	
Value8 = TL_SetColor(NewSpprt, magenta);

 If OldSupport <> -1 Then
 Begin
 	NewSpprtBegDate = TL_GetBeginDate(NewSpprt);
   NewSpprtBegTime = TL_GetBeginTime(NewSpprt);
   OldSprtBegPrice = TL_GetBeginVal(OldSupport);
   Value9 = TL_SetExtRight(OldSupport, False);
   Value10 = TL_SetEnd(OldSupport, NewSpprtBegDate, NewSpprtBegTime, OldSprtBegPrice);
 End;

End;

{-- Extends the old Resistance trendline if a new peak signal fires ---}
If Peak and NoPriorPk and H <= PeakPrice[1] Then
Begin
 OldRzstnceExt = NewRzstnceExt;
 NewRzstnceExt = tl_new(d[1], t[1], OldRzstnceBegPrice, d, t, OldRzstnceBegPrice);

Value11 = TL_SetExtRight(NewRzstnceExt, True);
Value12 = TL_SetColor(NewRzstnceExt, Blue);
Value13 = Tl_setstyle(NewRzstnceExt, Tool_Dotted);

 If OldRzstnceExt <> -1 Then
 Begin
 	NewRzstnceExtBegDate = TL_GetBeginDate(NewRzstnceExt);
   NewRzstnceExtBegTime = TL_GetBeginTime(NewRzstnceExt);
   OldHiExtBegPrice = TL_GetBeginVal(OldRzstnceExt);
   Value14 = TL_SetExtRight(OldRzstnceExt, False);
   Value15 = TL_SetEnd(OldRzstnceExt, NewRzstnceExtBegDate, NewRzstnceExtBegTime, OldHiExtBegPrice);
 End;

End;

{-- Extends the old support line if a new bttm signal fires ---}
If Bttm and NoPriorBttm and L >= BttmPrice[1] Then
Begin
 OldExtSpprt = NewSupportExt;
 NewSupportExt = tl_new(d[1], t[1], OldSprtBegPrice, d, t, OldSprtBegPrice);

Value16 = TL_SetExtRight(NewSupportExt, True);
Value17 = TL_SetColor(NewSupportExt, Magenta);
Value18 = Tl_setstyle(NewSupportExt, Tool_Dotted);

 If OldExtSpprt <> -1 Then
 Begin
 	NewLowExtBegDate = TL_GetBeginDate(NewSupportExt);
   NewLowExtBegTime = TL_GetBeginTime(NewSupportExt);
   OldBegPrice2 = TL_GetBeginVal(OldExtSpprt);
   Value19 = TL_SetExtRight(OldExtSpprt, False);
   Value20 = TL_SetEnd(OldExtSpprt, NewLowExtBegDate, NewLowExtBegTime, OldBegPrice2);
 End;

End;

_PRICE_LEVELS_PRICE.ELD

5aa7108c35496_AutoLines.thumb.JPG.03d1525c275bbd46f67b131ed0266016.JPG

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Tradewinds    12

Tradewinds
Posted

Here is an updated version. This version will show the price bubble on the price axis. I added a couple of plot statements, and made the plots a point style. That way there is no connecting line between the different levels. If you make the two plots a point style, and keep the line weight at the lowest setting, then the plot will never show. Why don't I want the plot to show? Because I don't need the plot, the trendlines are what I want to see. Then why put a plot on the chart that you don't want to see, and you won't see? So that the price bubbles show on the price axis. That way I know what the price is of the support and resistance lines.

 

So I figured out a "work around" for getting a price bubble to show on the price axis. The trendlines will not show update data, only plots show the values.

 

I got rid of some variables that were not being used, and cleaned up the code a little. I had programed this in another language, and had to rework it, and didn't need some of the old variables.

 

//8-5-11
//hh=higher high, ll=lower low
var: hh(False),ll(False),lh(False),hl(False);
var: ClsDwn(False),ClsUp(False);
var: Peak1(False),Peak2(False),Peak3(False),Peak4(False),Peak5(False),Peak6(False);
var: Bttm1(False),Bttm2(False),Bttm3(False),Bttm4(False),Bttm5(False),Bttm6(False);
var: Peak(False),Bttm(False);
var: CrrntHi(H),CrrntLw(L),PriorPeakPrice(H),PriorBttmPrice(L);
var: NoPriorPk(False),NoPriorBttm(False);
var: HL_Price(False),LH_Price(False);
var: NewRzstnceExt(-1), OldRzstnceExt(-1), OldSupport(-1), OldExtSpprt(-1);
var: OldRzstnceBegPrice(h), OldSprtBegPrice(L), OldHiExtBegPrice(H), OldBegPrice2(H);
var: NewRzstnceBegTime(t), NewRzstnceExtBegTime(t), NewLowExtBegTime(t), NewSpprtBegTime(t);
var: NewRzstnceBegDate(D), NewSpprtBegDate(D), NewRzstnceExtBegDate(D), NewLowExtBegDate(D);
var: NewRzstnce(-1), OldRzstnce(-1), NewSpprt(-1);
var: NewSupportExt(-1);

hh=h>h[1];
ll=l<l[1];
lh=h<h[1];
hl=l>l[1];
ClsDwn=c<o;
ClsUp=c>o;

Peak1=ClsUp[1] and ClsDwn;
Peak2=lh[1] = False and ClsDwn;
Peak3=lh[1] = False and lh;
Peak4=ClsUp[1] and lh;
Peak5=hh[1] and hh = False;
Peak6=hh and ClsUp = False;

Bttm1=ClsDwn[1] and ClsUp;
Bttm2=hl[1] = False and ClsUp;
Bttm3=hl[1] = False and hl;
Bttm4=ClsDwn[1] and hl;
Bttm5=ll[1] and ll = False;
Bttm6=ll and ClsDwn = False;

Peak=(Peak1 or Peak2 or Peak3 or Peak4 or Peak5);
Bttm=(Bttm1 or Bttm2 or Bttm3 or Bttm4 or Bttm5);

NoPriorPk=Peak[1] = false;
NoPriorBttm=Bttm[1] = false;

if Peak6 and NoPriorPk then
CrrntHi = H
else If Peak and NoPriorPk then 
CrrntHi = H[1];

if Bttm6 and NoPriorBttm then
CrrntLw=L else If Bttm and NoPriorBttm then
CrrntLw = L[1];

plot1(CrrntHi, "Current High"); // Set to points so that the price of the line shows up on the axis
plot2(CrrntLw, "Current Low");

if CrrntHi <> CrrntHi[1] then PriorPeakPrice = CrrntHi[1];
if CrrntLw <> CrrntLw[1] then PriorBttmPrice = CrrntLw[1];

{-- Starts a new Resistance Line, then ends the old Resistance Trend line if a new peak signal fires ---}
If Peak and NoPriorPk Then 
Begin

 OldRzstnce = NewRzstnce;

  	If Peak6 and NoPriorPk then
  NewRzstnce = tl_new(d[1], t[1], H, d, t, H)
Else
  NewRzstnce = tl_new(d[1], t[1], H[1], d, t, H[1]);

Value1 = TL_SetExtRight(NewRzstnce, True);
Value2 = TL_SetSize(NewRzstnce, 2);	
Value3 = TL_SetColor(NewRzstnce, Blue);

If OldRzstnce <> -1 Then
 Begin
 	NewRzstnceBegDate = TL_GetBeginDate(NewRzstnce);
   NewRzstnceBegTime = TL_GetBeginTime(NewRzstnce);
   OldRzstnceBegPrice = TL_GetBeginVal(OldRzstnce);
   Value4 = TL_SetExtRight(OldRzstnce, False); //Stop extending the original line to the right.
   Value5 = TL_SetEnd(OldRzstnce, NewRzstnceBegDate, NewRzstnceBegTime, OldRzstnceBegPrice);
 End;
End;

{-- Starts a new trendline if a new bottom signal fires ---}
If Bttm and NoPriorBttm Then 
Begin
 OldSupport = NewSpprt;

  	If Bttm6 and NoPriorBttm then
  NewSpprt = tl_new(d[1], t[1], L, d, t, L)
Else
  NewSpprt = tl_new(d[1], t[1], L[1], d, t, L[1]);

Value6 = TL_SetExtRight(NewSpprt, True);
Value7 = TL_SetSize(NewSpprt, 2);	
Value8 = TL_SetColor(NewSpprt, magenta);

 If OldSupport <> -1 Then
 Begin
 	NewSpprtBegDate = TL_GetBeginDate(NewSpprt);
   NewSpprtBegTime = TL_GetBeginTime(NewSpprt);
   OldSprtBegPrice = TL_GetBeginVal(OldSupport);
   Value9 = TL_SetExtRight(OldSupport, False);
   Value10 = TL_SetEnd(OldSupport, NewSpprtBegDate, NewSpprtBegTime, OldSprtBegPrice);
 End;

End;

{-- Extends the old Resistance trendline if a new peak signal fires ---}
If Peak and NoPriorPk and H <= CrrntHi[1] Then
Begin
 OldRzstnceExt = NewRzstnceExt;
 NewRzstnceExt = tl_new(d[1], t[1], OldRzstnceBegPrice, d, t, OldRzstnceBegPrice);

Value11 = TL_SetExtRight(NewRzstnceExt, True);
Value12 = TL_SetColor(NewRzstnceExt, Blue);
Value13 = Tl_setstyle(NewRzstnceExt, Tool_Dotted);

 If OldRzstnceExt <> -1 Then
 Begin
 	NewRzstnceExtBegDate = TL_GetBeginDate(NewRzstnceExt);
   NewRzstnceExtBegTime = TL_GetBeginTime(NewRzstnceExt);
   OldHiExtBegPrice = TL_GetBeginVal(OldRzstnceExt);
   Value14 = TL_SetExtRight(OldRzstnceExt, False);
   Value15 = TL_SetEnd(OldRzstnceExt, NewRzstnceExtBegDate, NewRzstnceExtBegTime, OldHiExtBegPrice);
 End;

End;

{-- Extends the old support line if a new bttm signal fires ---}
If Bttm and NoPriorBttm and L >= CrrntLw[1] Then
Begin
 OldExtSpprt = NewSupportExt;
 NewSupportExt = tl_new(d[1], t[1], OldSprtBegPrice, d, t, OldSprtBegPrice);

Value16 = TL_SetExtRight(NewSupportExt, True);
Value17 = TL_SetColor(NewSupportExt, Magenta);
Value18 = Tl_setstyle(NewSupportExt, Tool_Dotted);

 If OldExtSpprt <> -1 Then
 Begin
 	NewLowExtBegDate = TL_GetBeginDate(NewSupportExt);
   NewLowExtBegTime = TL_GetBeginTime(NewSupportExt);
   OldBegPrice2 = TL_GetBeginVal(OldExtSpprt);
   Value19 = TL_SetExtRight(OldExtSpprt, False);
   Value20 = TL_SetEnd(OldExtSpprt, NewLowExtBegDate, NewLowExtBegTime, OldBegPrice2);
 End;

End;

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einja    10

einja
Posted

Hi Tradewinds,

 

Thank you, Thank you and Thank you for the support and resistance script. I had been looking this for a while.

 

Can u please let me know how many bars it takes to plot the support or resistance. for ex, if we are plotting parabolic sars, the green dot or red dots are plotted after the three bars have moved ahead. its more like lagging 3 bars.

 

Once again, your script help is greatly appreciated...

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