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Defining Support and Resistance Levels

2 replies

3 years ago #268990

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.

3 years ago #269020

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

2 years ago #271310

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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