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Interesting candle SR horizontal line - need your expertise to code
Hey guys,
I've a small request if someone can help me to code this: Support and Resistance special indicator of Yesterday Daily Candle.
My request on previous daily candle:
If the close is above open, then draw horizontal line on the high of the day (resistance) and draw horizontal line on the open (support) of previous daily candle.
If the close is below the open, then draw horizontal line on the low of the day as support and draw line on the open as it will be the resistance.
Eg.
Scenario 1 - Previous daily candle close above open:
GBP/USD
High 1.9700
Close 1.9655
Open 1.9604
Low 1.9588
*Draw the line on High (1.9700 as resistance) and draw the line on Open (1.9604 as support)
Scenario 2 - Previous daily candle close below open:
GBP/USD
High 1.9645
Open 1.9604
Close 1.9555
Low 1.9515
*Draw the line on Open (1.9604 as resistance) and draw the line on Low (1.9515 as support)
Hopefully someone understand my words here and your help would be much appreciated. I believe this Support and Resistance provides a better entry point than the High and Low of previous bar. Noticed that you can actually get more pips out from this tighter SR. :P
Last edited by maria77; 01-17-2007 at 12:23 PM.
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