Identifying Support Lines Using Historical Low Points

22 Jun 2021
0 comment
0 attachment

This ProBuilder code snippet is designed to identify and draw support lines between two historical low points on a price chart that occur at the same price level. The code is particularly useful in markets where price values are integers, such as the Micro DAX Full, increasing the likelihood of repeated low values.

defparam drawonlastbaronly=true
lookback = 200
if islastbarupdate then
    for i = lookback-1 downto 0 do
        pointA=low[i]
        pointAbar=barindex[i]
        for j = i-1 downto 0 do
            pointB=low[j]
            pointBbar=barindex[j]
            period = max(1,barindex-pointAbar)
            if pointA=pointB and lowest[period](low)=pointA then
                drawtext("A",pointAbar,pointA)
                drawtext("B",pointBbar,pointB)
                drawray(pointAbar,pointA,pointBbar,pointB)
            endif
        next
    next
endif
return

This code snippet performs the following steps:

  • Initialization: It sets the parameter to draw only on the last bar of the chart for performance optimization.
  • Lookback Period: Defines a lookback period of 200 bars to search for low points.
  • Outer Loop: Iterates through each bar within the lookback period to identify a low point (pointA) and its corresponding bar index (pointAbar).
  • Inner Loop: For each identified pointA, the code searches for another low point (pointB) before pointA within the lookback period that matches the price of pointA.
  • Condition Check: If pointA and pointB are at the same price and this price is the lowest within the period between them, the code proceeds to draw.
  • Drawing on Chart: Marks the points A and B on the chart, and draws a ray (line) connecting these two points, visually representing the support line.

This approach is useful for traders and analysts looking to visually identify price levels where the market has shown historical support, potentially indicating areas of interest for future trading decisions.

Related Post

Check out this related content for more information:

https://www.prorealcode.com/topic/droites-avec-2-restrictions/#post-200756

Visit Link
What is a Snippet? A snippet is a small, reusable chunk of code designed to solve specific tasks quickly. Think of it as a shortcut that helps you achieve your coding goals without reinventing the wheel. How to Use: Simply copy the snippet and paste it into your project where needed. Don't forget to tweak it to fit your context. Snippets are not just time-savers; they're also learning tools to help you become a more efficient coder.
Nicolas Master
I created ProRealCode because I believe in the power of shared knowledge. I spend my time coding new tools and helping members solve complex problems. If you are stuck on a code or need a fresh perspective on a strategy, I am always willing to help. Welcome to the community!
Author’s Profile

Comments

Search Snippets

Showing some results...
Sorry, no result found!

Snippets Categories

global
35
indicator
133
strategy
171

Recent Snippets

How to Create a Simple MTF Trend Dashboard with EMA and SMA
indicator
This indicator builds a compact multi-timeframe (MTF) dashboard that shows whether price is trading above or below a [...]
How to Display Per-Bar Volume Accumulation in Real Time (Intrabar Updates)
global
This snippet tracks and displays the current bar’s accumulated volume while the bar is still forming, instead of only [...]
Ticks Counter: Count Tick Updates Per Bar on Tick or Time Charts
global
This snippet counts how many tick updates have occurred for the current bar by incrementing a per-bar counter on each [...]
How to Build a Step-Based Trailing Stop That Moves to Break-Even First
strategy
This snippet implements a step trailing stop that advances in fixed increments once price reaches predefined profit [...]
Utilizing Arrays to Track and Compare Indicator Values Within the Same Bar in ProBuilder
indicator
This ProBuilder code snippet demonstrates how to use arrays to compare the values of an indicator (RSI in this case) [...]
Logo Logo
Loading...