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Support and resistance lines based on N-Minutes high/low of a trading session

by Caleb, 3284 days ago
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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



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Type: Trading Indicator

Object ID: 997


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Style:
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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.