Rules: Histogram above previous day; Support Resistance levels
Author: Investit
Creation Date: 5/26/2015 1:58 PM
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Investit

#1
I am new to Wealth-Lab and have a couple of questions.

1. How would I put in a criteria such as
Histogram is x% above the previous day Histogram amount

2. How can I find and use the Resistance and Support levels.
For example in addition to other criteria I want the stocks x% above (or maybe also below) the support level.
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Eugene

#2
1. For any indicator (not just MACD Histogram): Conditions > General indicators > Indicator is above/below its value a number of bars ago. Not exactly the "x% above" but should go for a start. Meanwhile I'll mark to add this "x% above/below" criteria to our Community.Rules project.

2. Depends on how you define those S/R levels. How exactly?
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Investit

#3
1. Thanks I'll give it a try

2. I was initially going to use the S/R as defined by Fidelity
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Eugene

#4
2. I'm not familiar with what you mean (and I don't work with ATP). There are many ways to define S/R levels. Could you clarify?
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Eugene

#5
Added to Community.Rules:

* General Indicators > Indicator is X% above (below) its value a number of bars ago
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Investit

#6
1. I tried your suggestion, however the histogram is not a select-able indicator. Since I am very new maybe I am missing something. If you have an example it would be helpful.
Also since I really want the % above/below, when and how, would I be able to get the updated community rules.

2. I'm not sure of the complexity of what I'm asking since I have been using what ATP generates for me for the support level. I am interested in testing my strategy for stocks that are at the support level and potentially breaking out based upon my strategy.

Another idea - are there any strategies that have been provided elsewhere that trade between the support and resistance levels. It may have a coding that I could use or at least get an idea.


btw - I hadn't said it yet but thanks for your help and patience
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Eugene

#7
QUOTE:
1. I tried your suggestion, however the histogram is not a select-able indicator.

Also since I really want the % above/below, when and how, would I be able to get the updated community rules.

It'd pretty easy to do Histogram in code directly with the help of the built-in Divergence indicator (see the code example). But since you're using Rules, here you have it without the extra step:

MACDEx_Histogram in Community Indicators library

To allow download both the extension and the Rules library we'll need to verify your WLP entitlement. For that please create a support ticket for further instructions.

QUOTE:
Another idea - are there any strategies that have been provided elsewhere that trade between the support and resistance levels.


Sure there are but I doubt that Rules are sufficient to build any strategy based on support/resistance levels:

A. Support and Resistance Zones, visual tool only (not suitable for backstesting)
B. various pivot levels: Floor Trader Pivots and Camarilla Points