FOREX TRADING COACHES - SUPPORT AND RESISTANCE

SupportAndResistance

The support and resistance indicator paints dashed lines for the prior day’s high and the prior day’s low on the one hour charts and smaller.  The prior day’s high is light blue, and the prior day’s low is light red.  By default, this indicator updates at 4:00 GMT during US Daylight Time, or 5:00 GMT during US Standard Time.  This is the equivalent of midnight Eastern Time (Daylight or Standard).  If you want to display the highs and lows based upon a period ending other than at midnight Eastern Time (zero Hours US Eastern), then change the fromHour_EST parameter to another number from 0-23.  When displaying prior day highs and lows, this indicator is showing the high and low from the day period prior to the candle you are looking at.  So, if you are looking at a candle from today (by default based upon the day ending at midnight US Eastern), then it is yesterday’s high/low.  If you are looking at a candle from yesterday, then it is showing the high/low from the day before yesterday.  When you are displaying a 4 hour chart, it is displaying the prior week’s high and low.  When you are displaying a daily or weekly chart, it displays the prior month’s high and low.  These changes happen automatically when you change the time frequency of the chart.

NOTE: This is one of the indicators that are dependent upon your GMT Offset being set correctly.  Please be sure you configure the GMT Offset on your trade station.

Parameters

(Click here for more info about parameters)

fromHour_EST=00

The US Eastern Time Zone hour that you want the "end of day" for purposes of calculating daily/weekly/monthly highs and lows.  You should keep this set to the same value as your period separators indicator so that the highs and lows will match with the period separators being drawn.  The default of 0 calculates highs/lows based upon midnight eastern.  If you were to set it to 12 then they would be calculated based upon noon eastern time.

forcePeriodToGet=" "

By default, the indicator calculates the appropriate support/resistance period based upon the current chart's timeframe.  You may override this behavior by setting this parameter to "D", "W" or "M" which correspond to Daily, Weekly or Monthly highs/lows.  The default periods used by the indicator when this parameter is left blank are:

H4 Chart and below - Weekly highs/lows
Daily chart and above - Monthly highs/lows

So if for example you were on a M5 chart and wanted to see Daily highs/lows instead of Weekly, you would set this parameter to "D" (without the quotes).