Horizontal Trend Line Indicators

• 04/27/2017 at 7:09 PM #33729
  StantonR

  Hi There

  I am trying to create a horizontal trend line indicator based on my forex trading strategy.
  The idea is to check on the hourly chart the daily closes back for a year.

  1) Loop through daily closes for 1 year.
  2) check if they closed within the same area more than 3 times
  3)Draw a horizontal line at that point.

  I have started the code but not sure if its even possible to do what I want as you can use a daily indicator on a hourly chart.
  Thats why I am looping through the Dhigh() Dlow() DClose() functions.

   

  margin = 50 FOR i = 1 TO 365 DO dayclose = DClose(i) //dayhigh = DHigh(i) //daylow = DLow(i) resareatop = dayclose + margin*pipsize resareabot = dayclose - margin*pipsize resistancelines = close > resareabot and close < resareatop if summation[365](resistancelines) > 3 then DRAWHLINE(close)coloured(255,0,0) endif NEXT return

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  margin = 50   FOR i = 1 TO 365 DO   dayclose = DClose(i) //dayhigh = DHigh(i) //daylow = DLow(i)   resareatop = dayclose + margin*pipsize resareabot = dayclose - margin*pipsize resistancelines = close > resareabot and close < resareatop   if summation[365](resistancelines) > 3 then DRAWHLINE(close)coloured(255,0,0) endif     NEXT return

  I dont think you can use summation as that period will be 365 hourly periods.
  I was thinking about using a nested For Loop with a counter if counter is greater than 3 then draw line.
  I have attached images of what I am trying to do.I added the lines to daily chart and when you switch to the hourly chart those lines still act as major support and resistance lines.

  Any guidance would be greatly appreciated.

  Thanks

  

  StantonR

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  04/27/2017 at 7:35 PM #33746
  Nicolas

  A nested loop would be the solution, but you may be stuck with the infinite loop bug limit. Repeat after me : ” we NEED arrays !!” 🙂

  

  Nicolas

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  04/27/2017 at 7:52 PM #33755
  StantonR

  Getting slightly better but the results are still not ideal. run in hour timeframe

  margin = 10 numberofrejections = 4 FOR i = 1 TO 365 DO rescounter = 0 supcounter = 0 dayhigh = DHigh(i) daylow = DLow(i) resareatop = dayhigh + margin*pipsize resareabot = dayhigh - margin*pipsize suptop = daylow + margin*pipsize supbot = daylow - margin*pipsize FOR i = 2 TO 365 DO if DHigh(i) > resareabot and DHigh(i) < resareatop then rescounter = rescounter + 1 endif if DLow(i) < suptop and DLow(i) > supbot then supcounter = supcounter + 1 endif next if rescounter > numberofrejections then DRAWHLINE(dayhigh)coloured(255,0,0) endif if supcounter > numberofrejections then DRAWHLINE(daylow)coloured(0, 255, 0) endif NEXT return

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  margin = 10 numberofrejections = 4 FOR i = 1 TO 365 DO   rescounter = 0 supcounter = 0   dayhigh = DHigh(i) daylow = DLow(i)   resareatop = dayhigh + margin*pipsize resareabot = dayhigh - margin*pipsize   suptop = daylow + margin*pipsize supbot = daylow - margin*pipsize   FOR i = 2 TO 365 DO if DHigh(i) > resareabot and DHigh(i) < resareatop then rescounter = rescounter + 1 endif if DLow(i) < suptop and DLow(i) > supbot then supcounter = supcounter + 1 endif next   if rescounter > numberofrejections then DRAWHLINE(dayhigh)coloured(255,0,0) endif   if supcounter > numberofrejections then DRAWHLINE(daylow)coloured(0, 255, 0) endif   NEXT return

   

  

  StantonR

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  04/27/2017 at 7:56 PM #33760
  StantonR

  Is it possible to create dynamic variables.

  IE

  for i=1 to 20 do

  l(i) = i

  next

  And Yes Arrays would be fabulous. PLEASE PLEASE PLEASE.

   

  

  StantonR

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  04/27/2017 at 9:35 PM #33776
  Nicolas

  No that’s what are arrays 🙂

   

  

  Nicolas

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