Support / Resistance type trade placement

I am wondering if GH can be used to automatically manage trade placement based on some pre-defined support and resistance levels which are derived from specific times of the day , like the open of the day and etc…? Thank you.

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7 Comments

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    Zac

    Hi Yellowtrader, Hopefully we can make you a In-the-Green trader :) I found an indicator on BigMikesTrading.com that can be used in the SupportResistance solver to accomplish your goal. Each separate time period that you want to analyze will need a different solver. Here is the link http://www.bigmiketrading.com/download/ninjatrader-7/indicators/620-download.html?view
    There are probably other time based range finding indicators on there as well.
    I hope this helped.

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    Zac

    Sorry for the delay in getting back to you.  Below you’ll see how to use NT’s PriorDayOHLC indicator for support/resistance line in the SupportResistance solver.  I hope this helps.  Let us know if you need something more specific.

    • Add a SupportResistance solver
    • Set Use Indicator to True
    • In the Indicator section, click on SMA(14) then click the little button that appears
    • Add your indicator as shown to the left
    • Select all the Outputs you want to test against

    • Note that this example is using Tailwind mode
    • Try playing with the settings until you get the results you want

    Tailwind mode gives a Long value when above the S/R line, and a Short value when below.

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    Gregg Graubins

    Hi Zac - Hoping you can help out here. I'm trying to do something similar. However, I'd like to use an existing indicator as input to BH.

    Specifically, let's say I'd like to use the following (free) indicator: http://www.ninjacators.com/realtimesupplyanddemand-download/

    This paints supply/demand zones. I'd like to have a long entry trigger when the closing price moves above the green zone and a short entry trigger when the closing price moves below the red zone. (See attached for a long example)

    Can this be done using BH with this indicator? Is there an example somewhere?

    Thanks in advance!

    -Gregg




    long-example1.jpg
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    Zac

    HI Gregg,

       From looking at the screenshot, the green zones do not look like standard plots.  They look like rectangle chart objects which does not provide price values.  Price values can only be passed from one indicator to another via a standard Plot or DataSeries.  Hopefully that indicator has a DataSeries or Plot that represents the green zone's price values.  If the indicator does not, then you can probably find someone to modify it to include a DataSeries.

    Thank you.

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    Gregg Graubins

    Hi Zac,

    Thanks for the reply.

    I also found this on the tips & tricks section of the web site (https://sharkindicators.zendesk.com/forums/21040376-Tips-Tricks) and watched the video. This helped to explain a little bit more. Unfortunately the indicator doesn't provide this data. I found another indicator that does provide the data in order to help with this and have it working now.

    Thanks!

    -Gregg

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    Anon

    Thank you both Jeremy and Zac for your response and the link. Actually I have created a simple indicator myself that draws lines based on O, H, L , C of specific bars (i.e. time based bars) which are to be used as Suppport and resistance lines. Basically what I need to know is if BH can be instructed to place trades when those lines are hit and manage the trades further without me being glued to my monitor.

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    Jeremy Tang

    Support and resistance levels can be fed into the Support and Resistance Solver by way of an Indicator, regression channel or swing high/low. Since traders have vastly different conceptions of what support and resistances levels work for them, BH doesn’t pigeon hole you into any specific types of S/R levels by attempting to define what they are. Instead, there are numerous S/R indicators out there (both free and commercial) from which you can use to feed into BH via the Support and Resistance Solver.

    Since you are looking at specific S/R levels based on Open, High, Low of the day, you could presumably use the CurrentDayOHL indicator included with NinjaTrader, and use that in the Support and Resistance Solver.

    Stay tuned as we continue to post examples in our documentation sections!

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