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
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
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.