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Aston01

Pivot Support & Resistance Indicator Question

By Aston01, in Technical Analysis

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Aston01    10

Aston01
Posted

Does anyone know of a pivot support & resistance indicator that can take into account the strength of the support & resistance levels? I have been searching around and I can find discussion of the concept, but haven't been able to locate an example.

 

The concept I am referring to is an indicator that takes various swing high/low pivot points and determines strength by calculating the number of times they have been tested and factoring in more recent data.

 

" Another indication of how well the support and resistance levels may prevail is how recently they have been tested. The more recent any activity is, the more likely it is to hold up to further testing "

 

If you have seen anything like this I would really appreciate the help ... I am trying to avoid reinventing the wheel if someone has already done it once before.

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