I had a magazine a while ago that talked about how to do this, but I misplaced it. It may have been Active Trader magazine, but I'm wondering if someone knows what I'm talking about -- article wise. I can't seem to find it in any of my back issues. I'd like to write a little algorithm to give me a general support/resistance information automatically, and I'd rather not re-invent the wheel. Thanks.
i think kwikpop does something like that with one of their studies??? like a continuous plotting of the support and resistance channels for the timeframe you have running {based off recent price action pivots}.
For those following this thread, I found this: http://www.breakoutfutures.com/Newsletters/Newsletter0303.htm I have to implement it for EFS, unfortunately. Shouldn't take too long. Well, looks like my work is cut out for me.
This study doesn't show you important support/resistant level touched multiple times, it identifies support/resistant pivot price (swing high/lows intraday) only which is used intraday for frequent trading. Lets say if we are in trading range, it doesn't average last three to four swing/high lows for the significant price levels