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Forums>StrategyQuant>General Discussion>Defining Support and Resistance Levels

  • #268990 |
    Customer
    43 Posts

    Has anyone worked out a method for defining support and resistance levels (as well as channels ideally), within Algowizard? They are such a big part of FX trading, it is important to be able to account for them in our strategies.

    #269020
    tomas262
    Administrator
    1822 Posts

    Hello,

    you can start with few levels that can be easily defined like previous weeks high/low, yesterday’s session high/low, 50% retracement (mid price) of the current day.

    You should be just fine trading off these levels. What might be important is to limit number of attempts the strategy have to trade any defined level

    Levels other than those mentioned like lines chart traders are used to draw easily just by a brief look at charts cannot be defined by any simple code I guess

    #270232
    Customer
    64 Posts

    Can you update the tutorial you did with the more up to date version of Algo Wizard?

    https://strategyquant.com/blog/simple-support-resistance-trading-system-tutorial-for-ea-wizard/

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