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How far are the close prices from the support line
The current rule detects support line patterns. It uses the advanced rules syntax to detect bars where a support line with specific characteristics occurs.
The support line here is defined as a line (which is most of the time non-horizontal) that connects two bars and where the close prices between these two bars are always above the support line.
The characteristics are:
- Support line that occurs in a timeframe of 30 to 80 bars. You can change these values later.
- How far are the close prices from the support line. This can be defined in the value that multiplies the close price. It is currently set to 0.99 (close * 0.99).
A value of one means that the close prices must be above the support line. A value lower than one means that the time-series that results from the multiplication of the close prices and the previous value must be above the support line.
The lower the value is, the higher the distance is between the close prices and the support line.
Note that the first three and the last three bars of the support line are not counted.
To get a clear picture of how this rule works, plot it on a chart. Plot it on the same pane where a candlestick chart is drawn, so that you can get arrows instead of lines or bars.
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