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Simple Mov. Av. with Resistance and Support by Dennis L. Tilley
1998 September TASC Trader's Tip. In this issue, Dennis L.Tilley uses support
and resistance to confirm price and SMA crossover signals in his article "Simple Moving Average with Resistance and Support".

In MetaStock for Windows, you can easily recreate the SMARS Indicators discussed in Tilley's article. First, choose Indicator Builder from the Tools menu in MetaStock 6.5. Next, choose New and enter the following formulas:

Resistance and Support

LookBack := Input("Look Back Periods",1,1000,10);
Resistance :=ValueWhen(1,Cross(Mov(C, LookBack,S),C),HHV(H, LookBack));
Support :=ValueWhen(1,Cross(C,Mov(C, LookBack,S)),LLV(L, LookBack));
Resistance;
Support;

Resistance and Support * F

PrCnt:=Input("Percentage",0,100,10);
LookBack:= Input("Look Back Periods",1,1000,10);
Resistance:=ValueWhen(1,Cross(Mov(C,LookBack,S),C),HHV(H,LookBack));
Support:=ValueWhen(1,Cross(C,Mov(C,LookBack,S)),LLV(L,LookBack));
Resistance * ((100-prcnt)/100);
Support * ((prcnt/100)+1);

Note* It is much easier to see the difference between the actual "Resistanceand Support" lines and the "Resistance and Support * F " lines if you change the colorand/or style of one of them.

To Display the Indicators in MetaStock 6.5 Drag the "Moving Average" indicator from the Indicator QuickList into the price window. Choose Simple as the method, enter the time periods and then clickOK.

Now, drag the "Resistance and Support" indicator from the QuickList into the price window. You will be prompted to enter the "Look Back" periods. You should select the same time periods you used with the "Moving Average".

Finally, drag the "Resistance and Support * F" indicator into the pricewindow.You will be prompted to enter the "Percentage" and the "Look Back"periods.If you would like the indicator to be a 10% difference from the "Resistanceand Support" line, you would enter 10.You should select the same time periods you used with the "Moving Average".

Allan McNichol
Equis International

Source / From: TOP
http://www.equis.com

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