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Group: Metastock Indicators

Title: Support & Resistance - Peaks/Troughs by Jose Silva

Description: Support & Resistance - Peaks/Troughs by Jose Silva

Support & Resistance - Peaks/Troughs 
{ Support & Resistance v2.0 }
{ Plots support/resistance levels based on 
normal or hindsight peaks/troughs }
{ ŠCopyright 2004 Jose Silva }
{ http://www.metastocktools.com }

{ User inputs }
plot:=Input("[1]Support, [2]Resistance, [3]Both, [4]Combination",1,4,3);
x:=Input("use [1]High/Low, [2]Close",1,2,1);
type:=Input("Type: [1]Normal, [2]Hindsight",
1,2,1);
depth:=Input("Peak/Trough minimum depth (0~50%)",0,50,5);
pds:=Input("Peak/Trough period base (3~252)",
3,252,5);

{ Price field }
xHi:=If(x=1,H,C);
xLo:=If(x=1,L,C);

{ Non-hindsight Support/Resistance }
Hi:=
(HHV(xHi,pds-1)>xHi)>Ref(HHV(xHi,pds-1)>xHi,-1);
HiVal1:=ValueWhen(1,Hi,Ref(xHi,-1));
Lo:=
(LLV(xLo,pds-1)<xLo)>Ref(LLV(xLo,pds-1)<xLo,-1);
LoVal1:=ValueWhen(1,Lo,Ref(xLo,-1));
Hi:=Hi AND HiVal1>LoVal1*(1+depth/100);
Lo:=Lo AND LoVal1<HiVal1*(1-depth/100);
supp:=ValueWhen(1,Lo,Ref(xLo,-1));
res:=ValueWhen(1,Hi,Ref(xHi,-1));
comb:=If(BarsSince(Hi)<BarsSince(Lo),res,supp);

{ Hindsight Support/Resistance }
pkH:=PeakBars(1,xHi,depth);
trH:=TroughBars(1,xLo,depth);
suppH:=Trough(1,xLo,depth);
resH:=Peak(1,xHi,depth);
combH:=If(pkH<trH,resH,suppH);

{ Chosen Support/Resistance }
supp:=If(type=1,supp, suppH);
res:=If(type=1,res,resH);
comb:=If(type=1,comb,combH);

{ Plot on price chart }
If(plot=1,supp,If(plot=2,res,
If(plot=3,res,comb)));
If(plot=1,supp,If(plot=2,res,
If(plot=3,supp,comb)))

Author/Source: http://www.metastocktools.com