Does anyone know of real-time software that can show the distance a stock has to go to the next resistance/support level? For example, while looking at a chart for HET, I would like to see something like a statement saying Next resistance 70.02, which was yesterdays high, 17-cents away. Next support 69.21, the low from two days ago, 64-cents away. Or something like that. (I just made up the figures, but you get the idea). Anyone have any suggestions for software that can do something like this in real-time, while I'm looking at a chart? Thanks, +-*/ Math_Wiz
Check out this software. It does automatic Fib calculations on any time frame. http://www.nss-t3.com/
Fib calculations are not going to show you the distance to the next resistance. That is just going to show you where the next fib line is, correct? Support/resistance levels are clearly shown on any chart, the subjective part is your faith in those prior consolidation areas and their previous strengths. This subjective part of TA is where the real nuts and bolts come into play, you decide from past experience and that is going to make the decision for you. Intuition is what is going to make you money. All else is just gaining the experience to hone what you see on the chart. Charts will tell you what the players have done relative to your time frame and thus with experience you can glean what is coming next. Put yourself in their shoes and you will think like they are thinking, you will feel their pain or their glee as price goes on and moves as it will from the others actions. That is the gist of what it takes to make money, the rules of the game are not complicated if any trader realizes what the other players are about to do if this or that happens with price. Think about it.....what else possibly could help you answer the question of this thread? NO ONE... absolutely no one knows what price will do without understanding the thinking of the last few moves from those in the game. You must think and act like a player, sounds redundant but just look at the big time poker games on TV or at a casino. Ask yourself why the same dudes or dudeetts (sorry girls no harm meant) are usually at the final tables. Sure some lucky bird wins now and then, but most are nothing more than a flash in the pan. To be a consistent winner in any game you must pay the dues, it is easy, Heck no, but that is why it is so much fun. Looking for software to do things that will give you answers to certain steps in the game is also a fallacy. Once you find someone else software it will be useless without the prior aches and pains of that thing called real experience under live fire. No software is going to get you over that hump. Then when you see a spot on the chart where a breakout MIGHT occur, you watch that level and wait for the others to make their move ( you can even place some limit orders in anticipation) if you get filled, fine and dandy. If price is not acting according to plan.....you are wrong and must bail out fast because the others are not ready yet. usually with experience you will pick up on the others determination and get on board, MONKEY SEE MONKEY DO. ENJOY the ride. Always remember this, no trader is going to play a probability game without a certain % of losses. As in the MUSIC MAN, the musician guy selling the instruments said: "It comes with the territitory".
tradestation can be made to do this. radarscreen can do this too, but radar screen is for receiving alerts on many symbols in realtime.
Thanks guys. I've been thinking about Radarscreen for a while anyways, so I think I'm going to go ahead and try the 30-day free trial. +-*/ Math_Wiz
If you have the logic figured out it many programs (e.g., Metastock, AmiBroker, Tradestation, etc.) can be programmed to do this. Even if a program has a "canned" routine you would have to accept the "rules" that their programmer put in which may not fit your perception.