Topic: Support & Resistance As An Indicator?
What is the possibility of developing a Support & Resistance indicator?
(Note that I'm not asking for someone else to develop one...I have the potential to write it myself if I can conceptualize one. My programming skills are quite rusty, though, so it would certainly take some time.)
I'm not a fan of pivot points.
I've done extensive searches for S&R indicators. I've not actually used one. No available S&R is sufficient (and certainly none that can be used by EAs), but I believe there should be a way to create a decent one.
Below are a couple I've found; I'm posting them to share the ideas, not the indicators themselves.
The most interesting-looking one I've found is not usable by EAs:
This indicator attempts to calculate the relative importance of various S&R levels, combining those occurring at close proximity to each other (based upon a degree set by the user).
It also notes how old those levels are.
Here's another one that defines zones instead of specific levels:
Thoughts on the feasibility of incorporating these ideas into an EA-friendly indicator?