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I've been trying to create a custom indicator to create support and resistance lines into metastock.The idea looks simple but I can't find the right formula.
The indicator should create a resistance line at the High where four lower high lie back and two lowers high after that point. For example:
10 - 15 - 14 - 18 - 20 (high) - 18 - 16.
How to create this formula.
Thanks in advance.
Peter
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Rank: Advanced Member
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Joined: 10/29/2004(UTC)
Posts: 1,394
Location: Glastonbury, CT
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I would have you look at the following functions Ref(HHV(H,Length),-1) Ref(LLV(L,Length),-1)
The length is the lookback length
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