Hello,

This indicator is designed to indicate trend and potential support/resistance levels.

It originated from my work with the wide range bodies and their translation into tick charts.

My theory is that wide range bodies appear in tick charts as consecutive bars higher or lower (3 bars with higher highs, higher lows, etc.). It's not an exactly true translation, but often it works out that way in my experience.

Taking the theory one step further, if you have 2 sets of 3 consecutive up or down bars, you normally will have a trend intact.

This indicator recognizes (bullish example) when there is three consecutive bars setting higher highs and higher lows. Then it looks for the occurrence to happen once again and sets a dotted line where the pivot was that started the move.

New lines will appear as the trend progresses and new legs appear. These lines are areas of support within the trend.

If price begins to run into the lines, then you have likely run into a range and should look for range trades as opposed to continuation trades. Once the range fails you get flat until new trend bars are established (this is beacuse the range may just expand to shake more people out).

I am posting this for feedback. Since we each have a diverse approach to trading I would be interested to see if anyone finds this analysis fitting into their style well.

Getting late, sorry if I don't make much sense here - -here you go. PS> the indicator is designed to run on tick charts, maybe on volume bars as well.

[aaa]

I use this indicator to filter the "interesting" pivots which could be support/ resistance

Also the 3 candles shows a good entry/exit point

I'm still try to stop the dots at the next price...

Should I create flags for each pivot ?

(On my picture the lines are the dots' extension)

[waveslider]

maybe you could do a counter and have it stop plotting after 10 bars..
that or you could use an array, which would have been the proper way to do this indicator in the first place - I didn't know how to do arrays then - now I do thanks to blueray..

[aaa]

Thank you WaveSlider for your suggestions

In fact I am really bad in coding,

even EL is (supposed to be) easy, everything is new for me

So...

I don't know how to do arrays and also what arrays are !!!

A counter will stop after x bars and not exactly when the support/Resistance is reached

I was thinking of when the dots meets a price that stops the line

It should be more in your logic ;

A pivot starts to be interesting when it is a beginning of a wave

And the idea of choosing a 3 bars is pertinent

breaking his support/resistance supposes a reversal

Sometimes it takes long time

It should be interesting to view S/R untill it reaches price

[Tams]

Originally Posted by aaa »

...
I don't know how to do arrays and also what arrays are !!!
...

here's a tutorial in array.

I have not read it in detail, but I think it has the basic info you need.
http://www.markplex.com/tutorial7.php

.

[aaa]

I have no excuse now !

So array is a loop to read values

Well...

It is definitly out of my competence

If someone knows how to do that he/she will be welcome

[BlowFish]

Originally Posted by aaa »

I have no excuse now !

So array is a loop to read values

Well...

It is definitly out of my competence

If someone knows how to do that he/she will be welcome

No. The array actually is is the 'list' values. An array is simply a collection of data elements of the same type. Because these elements are indexed you can use a loop to access them in sequence.

[Tams]

to avoid OT, I have set up a thread on Arrays:
http://www.traderslaboratory.com/for...html#post63149

any questions on Arrays may be posted there.

[jonbig04]

How do you all define 3 bar? Say, for example, in a down trend.