Article/Author: "Automated Support and Resistance", Mel Widner, Ph.D., S&C Magazine, Traders Tips, 05/1998

Download: suppres.ela

File Includes:
Strategy - Support-Resistance
Function - WRO
Function - WSO
Indicator - Support-Resistance

Category: Strategy > Support-Resistance

Description:

Inputs:

Signal Support-Resistance ELA Code:

INPUTS: STRENGTH(4), LENGTH(6), AVGLEN(30), BUYLEN(4), BUYLEV(95);



IF MRO(WSO(STRENGTH, LENGTH) > AVERAGE(WSO(STRENGTH, LENGTH), AVGLEN), BUYLEN, 1) <> -1 THEN

	BUY THIS BAR ON CLOSE;



IF AVERAGE(WRO(STRENGTH, LENGTH), AVGLEN) CROSSES ABOVE BUYLEV THEN

	BUY THIS BAR ON CLOSE;



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