Support/Resistance Indicator

[Fx93]

Thanks for the indicator and the info on C-forks, I've been looking at them as well as the Wolfe waves. I downloaded the vitka fractals indicator for the C-forks, do you know of a Wolfe wave indicator that refreshes? It appears those currently available do not. Perhaps a coder on this site could modify it.

[slipshod]

I really don't think there's an indicator capable of reliably spotting wolfe waves. All the ones I've seen are based on zigzag, and zigzag often misses highs & lows that are obvious to the naked eye.

Wolfe Waves are nothing more than a rising or falling wedge (both support & resistance trendlines rising or both falling, and converging). The wedge is a reversal pattern, what makes it a WW is a false break out of the wedge to the "wrong" side - this adds to the power of the true reversal when it kicks in.

Spotting wedges is incredibly easy once you've had a little practice. Have a look at the wedges (most were WWs too) in the chart below. Only one of them failed to reverse; they have a very high success rate.

I've actually started a thread about it on the manual trading systems forum, be happy to discuss it in more detail there if you like (http://www.stevehopwoodforex.com/phpBB3 ... f=16&t=553)

[slipshod]

Thanks to brax64 of forextsd, version 3 of this indicator now has labels (activated by zone.show.info = true) that position correctly on the screen regardless of your zoom level.

[bharatchopra]

Hi Slipshod,

Thanks for nice support and resistance indicator, but it can be improved. As you know support and resistance level are different for every time zone, H4, D1,W1. But those level which exist on all or two higher time frame are more valid then only one time frame..

if there is support on W1 timeframe and that is on D1 timeframe also that is more valid then that exist on only D1 time frame..

So what can be done is when indicator is showing S/R of current timeframe, it should check for S/R of next 2 higher timeframe that are lined up with current time frame, show as more valid S/R.

[slipshod]

I agree with you for the most part on your premise that W1 support is more valid than D1, and D1 than H4 etc etc. I don't know that building this into the indicator to give it MTF capability would necessarily be a good thing. Even now its fairly complex, and I can only imagine what would be involved in having it perform all its computations again for different timeframes.

Honestly I think there's an easy solution to the point you raise, and that's to look at the weekly and daily charts as well as the lower TF chart. It only takes a few moments once a day to check & see if a daily or weekly Support or Resistance area is nearby.

[handy148]

Is it possible to adapt to have a forced time frame so that if using M15 chart you can have data relating to say H1 or H4

[slipshod]

I guess that would be possible - I'll have to look to see how its done in II_SupDem & steal, I mean learn from its code

[handy148]

Thanks - much appreciated.

[NeoTrader]

Hi slipshot,

I agree with you for the most part on your premise that W1 support is more valid than D1, and D1 than H4 etc etc. I don't know that building this into the indicator to give it MTF capability would necessarily be a good thing. Even now its fairly complex, and I can only imagine what would be involved in having it perform all its computations again for different timeframes.

Since the higher TFs and their S/R Areas don't change that often, couldn't it be possible to calculate the S/R areas only once and put it in a global array...or maybe in a file... that you can check for at the start of your indi? just a thought.

Honestly I think there's an easy solution to the point you raise, and that's to look at the weekly and daily charts as well as the lower TF chart. It only takes a few moments once a day to check & see if a daily or weekly Support or Resistance area is nearby.

That is for sure doable but than it still needs to calculate this charts too.
On the other hand you had also the chance to do a better visual interpretation of the strength of a S/R zone when you match the S/R zones over the different TFs. The more a S/R Zone shows up on different TFs the stronger it gets. This is something i haven't seen on any S/R indicator. Again only a thought.

happy trading

NeoTrader

[handy148]

That's exactly why I think a forced timeframe will make this a superb indi. You can trade M15 chart with say H1 and H4 zones bu loading twice and using different colours.