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Joined: 7/2/2011(UTC)
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I need assistance creating a indicator that plots a horizontal bar on the charts at areas of previous consolidation of any period before breaking up/down, some refer to these as supply or demand zones? Some might say this is support/resistance but there is not always consolidation at support/ resistance areas. Any pointers would be appreciated. Thanks
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Rank: Advanced Member
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Joined: 10/29/2004(UTC)
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Location: Glastonbury, CT
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trader, You need to define what a support/resistance area would be?
What type of trader are you? short term or long term?
What Time frame are you looking at Daily, weekly, Monthly bar charts?Intraday?
Being that this is your second post, I will assume that you have just started to use Metastock.
Have you read the user manual from cover to cover?
Are you looking for a breakout type of strategy?
have you searched the forum for an answer? Try searching for support and resistance in the forum
http://forum.equis.com/search/SearchResults.aspx?q=support+and+resistance&s=3040
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Rank: Newbie
Groups: Registered, Registered Users
Joined: 7/2/2011(UTC)
Posts: 6
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As I stated in the original post I am familiar with support/resistance and have used Metastock for years , just want some pointers for this project, I would want the indicator to function on all time frames, I am looking for this indicator to mark prior points of consolidation on a chart to use in explorations ex. scan for stocks that are weekly overbought then scan those results for stocks in areas of previous consolidation, the DT Auto Resistance and DT Auto-Support custom formulas that come with Metastock don't accurately find consolidation areas or support/resistance
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Rank: Newbie
Groups: Registered, Registered Users
Joined: 7/2/2011(UTC)
Posts: 6
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In addition I am actually wanting a add-on what a guy in one of your presentations on your youtube channel stated he was making 1 year ago but never completed the project, recently he corresponded that it may be done in a month but I decided to try and create the indicator on my own. Heres a link to the presentation , he calls his indicator powerzones.
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Rank: Advanced Member
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Location: Midwest, USA
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I had a listen whilst working on other things -- that's a pretty complicated business! If they've been working on an MS indicator for nearly a year, it may not happen at all.
If you intend to create something similar, you'd best be quite specific on defining just what pieces and parts you're going to throw into the soup...
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