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Auto Support and Resistance Indicator

by QuantShare, 2601 days ago
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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

These two functions return the same result.


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Type: Trading Indicator

Object ID: 1198


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Style:
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