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Automatic Support and Resistance System by Mel Widner
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 thisissue, I present a computerized approach to finding support and resistance levels on achart. To recreatethe indicators and system described in my article using MetaStock for Windows, enter the following formulas:

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*(1­(
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)

 
Enter long positions on either building support or sustained uptrend and exit position using stops. No short positions.
 

Automatic Support and Resistance Trading System

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%

 
e-st-Automatic_Support_and_Resistance.gif

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" fromthe Indicator Properties menu.

These formulas run much faster (by 40 times) than the earlier formulas, and the y've been tested successfully with both end-of-day data and real-time data using MetaStock Professional Version 6.51.

-- Mel Widner, Ph.D., 703 791-5910
E-mail techstrategies@msn.com.

 
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