I currently use a very useful way of calculating support and resistance lines. These are based on seeing how many high,low & close in last x days fall within 2/3 pips.
To put another way what i am looking for are horizontal support & resistance lines which are made by 1 or more high,low & close which are very close in value (like 1 or 2 pips). So you look back say 20 days and see how many high,low and close are within 1 or 2 pips of each other (or % terms). This than forms a horizontal support or resistance line.
I find that this together with the price patterns from James16 thread is very effective for entry and exit.
I've looked everywhere but can't find any mq4 files which do this. Does anybody know of one please?
Thanks
Naj
To put another way what i am looking for are horizontal support & resistance lines which are made by 1 or more high,low & close which are very close in value (like 1 or 2 pips). So you look back say 20 days and see how many high,low and close are within 1 or 2 pips of each other (or % terms). This than forms a horizontal support or resistance line.
I find that this together with the price patterns from James16 thread is very effective for entry and exit.
I've looked everywhere but can't find any mq4 files which do this. Does anybody know of one please?
Thanks
Naj