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Support and Resistance
rev. 26/04/01

Think of security prices as the result of a head-to-head battle between a bull (the buyer) and a bear (the seller). The bulls push prices higher and the bears push prices lower. The direction prices actually move reveals who is winning the battle.

Support levels indicate the price where the majority of investors believe that prices will move higher, and resistance levels indicate the price at which a majority of investors feel prices will move lower.

To create the Support and Resistance indicator in MetaStock use the following custom formula:


Support and Resistance

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;

 

e-w-Support_and_Resistance.gif
To use this formula most effectively, use the parameters dialogue to change the style to a dotted line while increasing the line weighting.
Source / From: TOP
http://www.paritech.com

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