Support/Resistance Indicator

[slipshod]

yes indeed they are, though there's differences. The BARR needs to accelerate from a slower base, sometimes several times so you end up with a fan of trendlines, but then when it finally breaks one its likely to go back and break them all.

The C-fork, however, requires no acceleration. What you're looking for instead is a small retracement to break the trendline, creating a slower line, and then if the slower line breaks you have a signal for a counter-trade. If it doesn't, the trend can continue for another leg. Its basically the opposite of the BARR, its a slowdown instead of an acceleration.

Edit: Here's what ended up happening with GU yesterday, was a nice short scalp. No BARRs here, just two C-forks that worked beautifully. Anyway, I'll leave it at that regarding the forks, I'm just happy to have discovered them as they've substantially improved my trading.

[slipshod]

Dammit, I can't help myself, have to post one more chart

This one was AU last year during its drop just below parity in November. It has both a BARR and a C-fork

[Dozer]

Hi Dozer, yes I tried to design this to use in an EA - that's what the globals are for, so that the EA doesn't have to look for the rectangles & so that it can be backtested in non-visual mode.

I thought that might be the reason for the global vars. That's a nice way to let other EA's or indicators be aware of S/R levels. You might want to change the name of the global vars to include the currency pair (and maybe timeframe). If you load the indicator on more than one chart, the global vars end up over writing each other.

I really like the option for using a solid rectangle. I've set the indicator to use solid rectangles and the colors to have a very low luminosity. That way it shows very clean and subtle areas of S/R.

Nicely done.....

Dozer

[slipshod]

Hi Dozer, yes I tried to design this to use in an EA - that's what the globals are for, so that the EA doesn't have to look for the rectangles & so that it can be backtested in non-visual mode.

I thought that might be the reason for the global vars. That's a nice way to let other EA's or indicators be aware of S/R levels. You might want to change the name of the global vars to include the currency pair (and maybe timeframe). If you load the indicator on more than one chart, the global vars end up over writing each other.

You're absolutely right, thanks for pointing it out. I'll upload a fixed version asap. I'll also include the ability to switch off the visual rectangles altogether - an EA has no need of them, especially in non-visual backtesting.

The EA I'm working on does pretty much everything at the start of a new candle - but otoh so does this indicator. That brings a timing issue - if the indicator hasn't finished its calculations before the EA kicks in, the EA will be reading old values. Hence I'm making an iCustom() call to the indi, thinking that might ensure that its done its stuff first, but I'm not entirely sure its the answer.

I really like the option for using a solid rectangle. I've set the indicator to use solid rectangles and the colors to have a very low luminosity. That way it shows very clean and subtle areas of S/R.

I totally agree, in fact thats how I've configured it as well seeing I'm also using Murrey Math lines in my trading. Too many lines going everywhere == a very confusing screen, but with the S/R indis solid and muted its not too bad.

[guandi]

Hello slipshod,

many thanks again, do you understand russian? I could use some help in translating the C fork website.

Best regards.

- guandi

yes indeed they are, though there's differences. The BARR needs to accelerate from a slower base, sometimes several times so you end up with a fan of trendlines, but then when it finally breaks one its likely to go back and break them all.

The C-fork, however, requires no acceleration. What you're looking for instead is a small retracement to break the trendline, creating a slower line, and then if the slower line breaks you have a signal for a counter-trade. If it doesn't, the trend can continue for another leg. Its basically the opposite of the BARR, its a slowdown instead of an acceleration.

Edit: Here's what ended up happening with GU yesterday, was a nice short scalp. No BARRs here, just two C-forks that worked beautifully. Anyway, I'll leave it at that regarding the forks, I'm just happy to have discovered them as they've substantially improved my trading.

[slipshod]

Alas no, I had to rely on Google translate...

Edit: There's actually a couple of mq4 indicators for it here: http://www.forex-tsd.com/indicators-met ... post423186

I haven't tried either, as I've just drawn them manually.

[jtrade]

Useful indicator - thank-you, slipshod.

J.

[batemap]

The EA I'm working on does pretty much everything at the start of a new candle - but otoh so does this indicator. That brings a timing issue - if the indicator hasn't finished its calculations before the EA kicks in, the EA will be reading old values. Hence I'm making an iCustom() call to the indi, thinking that might ensure that its done its stuff first, but I'm not entirely sure its the .

You could write another global variable, so that the EA knows when's the indi's calculations are complete.

Cheers

Paul

[slipshod]

Thanks waldo, and also for the great suggestion Paul. I've been busier than expected over the past week, but should hopefully have a v2 of the indicator ready tomorrow.

[slipshod]

Here at last is v02 of the indicator, including the revised globals and a new extern boolean (zone.extend) for users who don't want the zone to go past the exact high/low of the peak or trough from which it was created.

Edit: I had to re-upload v02 as I'd left a syntax error in there - should teach me not to rush things. If you've already downloaded v02 you'll need to do so again, my apologies.