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Support & Resistance Breakout Indicator

by Tom Huggens, 4063 days ago
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Here is how this technical analysis indicator works:
- Calculates support and resistance for each trading bar (support and resistance are calculated based on the period you provide and using the "AutoSR" function of QuantShare)
- Detects whether a security breaks its support or resistance
- Returns the percentage of increase (one bar) from the resistance or the percentage of decrease from the support

Interpretation:
(Value = 0): No support or resistance breakout detected
(Value > 0): Resistance breakout, the value returned is the one-bar percentage of increase of the security from the resistance level.
(Value < 0): Support breakout, the value returned is the one-bar percentage of decrease of the security from the support level.

Example of use in a trading system:
a = SRBreakoutR(100);
buy = a > 10;

// Enters long if a security crosses its resistance and rise by more than 10% during the crossover.

More info about the "AutoSR" function:
Detect chart patterns using the auto support/resistance indicator
Backtesting chart patterns using the auto support and resistance indicator


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Type: Trading Indicator

Object ID: 1365


Country:
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Market: All

Style:
Technical Analysis

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