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Support and resistance lines based on N-Minutes high/low of a trading session
Based on the first N-minutes of a trading session, this technical indicator creates a support and resistance lines for each trading session.
The first line corresponds to the high of the first N-Minutes and it is plotted for the rest of the day. The second line corresponds to the resistance and it is calculated by measuring the low of the first N-minutes of a trading session.
The number of minutes should be passed as an argument to this function.
Example:
a = FirstMinutesHL(60);
Draw a resistance and support line based on the highest high and lowest low of the first trading hour.
A trading strategy that enters a long position if a stock breaks its 30-minute resistance line after at least 1 trading hour can be implemented as follows:
buy = cross(low, FirstMinutesHL(30)) and hour() > 11;
Note that besides plotting two lines, this function returns the resistance line values if you specify a positive number of minutes and it returns the support line if you specify a negative number of minutes (The function will take the absolute value to complete the internal calculation).
Example:
a = close > FirstMinutesHL(60); // Price above the 1-hour resistance line
a = close < FirstMinutesHL(-60); // Price below the 1-hour support line
