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Hi
I'm fairly new to Metastock.
Is there a formula out there I can use with the explorer that will list a set of shares that are close or approaching to an historical (say in the last year or two) support/resistance area.
Many thanks
David Klugmann
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Rank: Advanced Member
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Hi David-
Welcome to the forum!
This is an untested thought. Please check it out and adapt it to your own ideas. Please post your final solution here for others to share.
Note: Support and resistance here is defined by moving average xovers. You can replace the '252' to look at periods longer than one year (assuming you're using a daily periodicity). You asked for something that was approaching or equal to your support/resistance. That's vague, so I arbitrarily chose +/- 15% of closing price in this example.
Check out the formula primer for more examples on working with code.
[code:1:8a947b33ad]ColA [Close]
Close
ColB [Resist]
ValueWhen(1,Cross(Mov(C, 252, S),C),HHV(H, 252));
ColC [Support]
ValueWhen(1,Cross(C,Mov(C, 252, S)),LLV(L, 252));
Filter
ColA*1.15>ColB OR ColA*0.85<ColC[/code:1:8a947b33ad]
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 10/6/2005(UTC)
Posts: 30
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Hi
Manythanks for the reply. It'smuch appreciated. I will give it a go.
My question was a bit vague. I was thinking of support / resistance where the price had a history of turning on certain numbers e.g $53 or $67.50. Do you have any ideas of searching for a formula which can find common turning points at what I would assume are support resistance areas.
Cheers
David
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Rank: Advanced Member
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David, there must be an infinite number of ways to define support & resistance.
To look for price turning points, try the Peak() & Trough() MetaStock functions.
Beware of the peak/trough's last value as it is dynamic - i.e. it is based on hindsight and may change at anytime before the next peak/trough appears.
jose '-)
http://www.metastocktools.com
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 10/6/2005(UTC)
Posts: 30
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Thanks Jose
Much appreciated.
David
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