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Old Mar 12th, 2013, 09:49 PM   #1
eurusdzn
 
 
Join Date: Feb 2012
Posts: 384
Can anyone tell me of a way to calculate daily support and resistance levels without
having to kill me?
I am in the process of using free yahoo data using only the high/low of the day to calculate Market Profile TPO horizontal support and resistance levels. My intentions are to test
if a given signal(s) works better if the setup includes these S/R levels.
I have heard that S/R levels and trend lines are not easy to calculate( don't care about trend lines). I am getting somewhere following this method but am wondering if a paper/.pdf of "another" known generic method of calculating s/r levels is out there.
Am using excel vba and .csv files........Thanks in advance.
Have to say that I haven't posted in this strategy forum and rate as a beginner and
can now hear the collective........."no shit"
    Quote
Old Mar 23rd, 2013, 04:13 PM   #2
etfarb
 
 
Join Date: Jan 2013
Posts: 172
Quote:
Quote from eurusdzn:

Can anyone tell me of a way to calculate daily support and resistance levels without
having to kill me?
I am in the process of using free yahoo data using only the high/low of the day to calculate Market Profile TPO horizontal support and resistance levels. My intentions are to test
if a given signal(s) works better if the setup includes these S/R levels.
I have heard that S/R levels and trend lines are not easy to calculate( don't care about trend lines). I am getting somewhere following this method but am wondering if a paper/.pdf of "another" known generic method of calculating s/r levels is out there.
Am using excel vba and .csv files........Thanks in advance.
Have to say that I haven't posted in this strategy forum and rate as a beginner and
can now hear the collective........."no shit"
I see this was posted a week ago now.

I'm not 100% sure but I think you can figure something out by using the OHLC prices
    Quote
Old Mar 23rd, 2013, 05:13 PM   #3
eurusdzn
 
 
Join Date: Feb 2012
Posts: 384
I am familiar with R1,R2,S1,S2, Gann, Fib and the like available but it doesn't really help
me.(not at all a TA basher....just me) . I prefer eyeballing a chart and drawing levels.
But I am not afull time pro trader and have limited time to look at many charts.
I think market profile is best to to see these levels, got this from Ammo over in ES journal.
I have coded a reasonable approx of market profile so far. I should be able to get an alert
When stocks in the Sp500 are at important levels.
Forget my abilities to code trend. i had inquired in another post. Wayyyyyy to fuzzy to code for me. I will just look at a chart regarding that. Thanks for your response.
PS...Do you spread trade etfs? Interesting area if so.
    Quote
Old Mar 23rd, 2013, 05:19 PM   #4
etfarb
 
 
Join Date: Jan 2013
Posts: 172
Quote:
Quote from eurusdzn:

I am familiar with R1,R2,S1,S2, Gann, Fib and the like available but it doesn't really help
me.(not at all a TA basher....just me) . I prefer eyeballing a chart and drawing levels.
But I am not afull time pro trader and have limited time to look at many charts.
I think market profile is best to to see these levels, got this from Ammo over in ES journal.
I have coded a reasonable approx of market profile so far. I should be able to get an alert
When stocks in the Sp500 are at important levels.
Forget my abilities to code trend. i had inquired in another post. Wayyyyyy to fuzzy to code for me. I will just look at a chart regarding that. Thanks for your response.
PS...Do you spread trade etfs? Interesting area if so.
are you using daily or intraday data?

how are you coding/backtesting market profile to determine these key levels?

Gann and fibb is a waste of time, don't test that crap (in my opinion, but if it works for you more power)

I do spread trade etfs. Been focusing my attention on index arbitrage lately tho
    Quote
Old Mar 23rd, 2013, 06:12 PM   #5
eurusdzn
 
 
Join Date: Feb 2012
Posts: 384
I am using Excel/VBA with yahoo eod data organized into seperate .csv files. The program will work with any time frame bar. I do intend to get 1 hour bars in the future but I can't say I like the IB DDE interface to historical data.
Conceptually, for example, a one year chart has a single vertical bar, a yearly high and low. Price moved rapidly a few, several times during the year and the profile of time is thin
at these levels. Price , a few,several times during the year consolidated in time and these areas are thick in profile.
Searching for rapid changes in the profile numbers (increasing)above a rising stock is a ceiling/ledge/resistance. Searching for rapid decreases in the profile numbers below current price is support. That's all. It is subjective yes and won't be perfect but maybe a decent
Context to work from in addition to trend. No plans to backtest yet but would maybe just do
Some "x" day holds or next S/R price target , with trend, after price has tagged S/R.
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