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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; To use this formula most effectively, use the parameters dialogue to change the style to a dotted line while increasing the line weighting. Code:
 all formulas for MetaStockall formulas
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| However we try to maintain hiqhest possible level of service - most formulas, oscillators, indicators and systems are submitted by anonymous users. Therefore S4T™ does not take any responsibility for it's quality. If you use any of this information, use it at your own risk. You are responsible for your own trading decisions. Be sure to verify that any information you see on these pages is correct, and is applicable to your particular trade. In no case will S4T™ be responsible for your trading gains or losses. |
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