Program 84 | Support and Resistance Lines based on Pivots in a TradeStation PSP

Program84-HorizLine creates horizontal support and resistance lines based on the record of levels of previous pivots. The program is similar to program 55 but instead of looking for pivots in the bars of the current chart, it uses a price series provider to search for pivots in a different bar interval. The idea behind the program is that if pivots have occurred at a specific level before, then that price level may have some significance, especially if they have occurred at the same level (or near to the same level) on several occasions before.

The program is designed for minute based charts (1, 2, 3, 5, 15 minute etc) with the price series provider having a greater interval. For example, it could be applied to 5 minute bars of @YM and use a 60 minute price series provider. It was written in TradeStation 10. The start time of the PSP is set to the time of the chart (after maxbarsback). Obviously, the more data you load the greater number of pivots will be found.

For download and more information: https://markplex.com/program-84-support-and-resistance-lines-based-on-pivots-in-psp/