This is a trading item or a component that was created using QuantShare by one of our members.
This item can be downloaded and used by QuantShare Trading Software.
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This trading indicator is based on the QuantShare "AutoSR" function, which is a function that automatically calculates support and resistance levels based on a given set of parameters.
The difference between the build-in "AutoSR" function and the current one ("SRSeries") is that the former calculates support and resistance levels based on the high/low time-series only, while the latter can perform the same calculations for any given time-series.
Parameters: Series: The time-series to use to detect the support and resistance lines. IsResistance: Determines whether to return the resistance or support line level. Set "0" to return support levels and "1" to return resistance levels.
You can also use this field to allow calculation of every trading bar (not only the last one) and thus backtest trading systems based this function. For more information, please read the following post: Backtesting chart patterns using the auto support and resistance indicator
Lag: Set "0" to start the calculation on the current bar. Another example: Set "1" to start the calculation on the bar before the current one. Length: The number of bars to use to determine the support and resistance line levels.
"Lag" and "Length" parameters are used to determine where the support or resistance line should start and end.
Comparing "SRSeries" and "AutoSR" function:
a = AutoSR(1, 0, 50); // Returns the resistance level of the high series
b = SRSeries(high, 1, 0, 50); // Returns the resistance level of the high series
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
