Rank: Newbie
Groups: Registered, Registered Users, Subscribers
Joined: 10/17/2005(UTC)
Posts: 1
Location: Byron Bay > NSW > Australia
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Hey all.
Just letting you know that I just purchased MS last night... so I'm real new to this.
I have this EXEL Spreadsheet that calculates Support And Resistance Lines. I used to have Incredible Charts, and I used to manually put in the values (as Horizontal Lines on the chart) the spreadsheet gave me, which was very painful.
Then I found out the potential power of MS! I was wondering if it was possible to write an indicator/system that could do my spreadsheets calculation and my manual labour automatically!
I've been looking around the site's forums for people with similar questions, but i believe that my question is on a commonly asked question, it just has a little twist that no one else has specifically asked.
This is what I used to do:
1. Set my chart to monthly
2. Write down the PREVIOUS month's High Low and Close
3. Plug the previous month's H L and C into the spreadsheet.
4. The spreadsheet had this formula in itself:
H= Previous Month's High
L= Previous Month's Low
C= Previous Month's Close
Pivot =(H+L+C)/3
R1 =2*P-L
R2 =(P-S1)+R1
R3 =2*P+(H-2*L)
S1 =2*P-H
S2 =P*(R2-S1)
S3 =(2*P)-(2*H-L)
With R1 being Resistance Line 1 and so on...
and S1 being Support Line 1 and so on...
5. I'd then note the values it then calculated
6. Then I'd manually place a Horizontal Lines on the values I noted from the spreadsheets.
7. I'd then repeat steps 1-6 for every stock in my watch list!! (See what I mean :( )
Basically I'd do this every month to get an idea where all the Support and Resistance Lines are at, and when I apply the indicator/system, horizontal lines pop up on the chart, which satisfy the above formula.
Question:
Is it possible to design a code that does the above procedures automatically?
If so, can you give me a look at what the code would look like? [color=red:4f4d1ef226](If you solve this you will be known as a champion knight in my books :D )[/color]
If not, can you give me some tips that might enable me to achieve my goal?
Thanks for reading my plea.
Hope someone can give me feedback.
Love always,
Vanez
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 1/19/2005(UTC)
Posts: 1,065
Location: Koh Pha-Ngan, Earth
Was thanked: 2 time(s) in 2 post(s)
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Vanez wrote:S2 =P*(R2-S1)
Perhaps this pivot should be something like S2= (P-R1)+S1 instead.
Vanez wrote:Love always,
Vanez
Unfortunately Love doesn't pay the bills. :?
But since we've been asked to be nice to Newbies...
MetaStock -> Tools -> Indicator Builder -> New ->
Copy and paste indicator formula.
[code:1:663f91001b]
{ Monthly pivots v2.0 }
{ ©Copyright 2002~2005 Jose Silva
For personal use only.
http://www.metastocktools.com }
{ Message }
message:=Input("plot on Weekly/Daily/Intraday charts",0,0,0);
{ Month's start }
mthStart:=Month()<>Ref(Month(),-1);
{ Previous Month's High }
Hi:=HighestSince(1,mthStart,H);
mHi:=ValueWhen(1,mthStart,Ref(Hi,-1));
mHi:=ValueWhen(1,mHi>0,mHi);
{ Previous Month's Low }
Lo:=LowestSince(1,mthStart,L);
mLo:=ValueWhen(1,mthStart,Ref(Lo,-1));
mLo:=ValueWhen(1,mLo>0,mLo);
{ Previous Month's Close }
mCl:=ValueWhen(1,mthStart,Ref(C,-1));
mCl:=ValueWhen(1,mCl>0,mCl);
{ Pivot }
pivot:=(mHi+mLo+mCl)/3;
{ Support & Resistance }
R1:=2*pivot-mLo;
S1:=2*pivot-mHi;
R2:=(pivot-S1)+R1;
S2:=(pivot-R1)+S1;
R3:=2*pivot+(mHi-2*mLo);
S3:=2*pivot-(2*mHi-mLo);
{ Plot pivots on chart }
R3;R2;R1;
pivot;
S1;S2;S3
[/code:1:663f91001b]
jose '-)
[color=green:663f91001b]MetaStockTools.com[/color]
[color=white:663f91001b].[/color]
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Rank: Newbie
Groups: Registered, Registered Users
Joined: 11/13/2005(UTC)
Posts: 4
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Jose Another newbie sends his love (and appreciation!) :)
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Rank: Member
Groups: Registered, Registered Users, Subscribers
Joined: 9/9/2005(UTC)
Posts: 18
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Jose,
Thanks for the posting the monthly pivots too! I came back to ask for that, and there it was.
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