Metastock support and resistance forex
Meta/Facebook has destroyed its nearby support level and has nothing left to sustain ground for any lasting upside push. A relief rally could come over the. TradeTrend provides entry and exit signals for stocks, futures and FOREX using a Objectively identify support and resistance on 1-minute, 5-minute. Stock prices are heavily influenced by trading near option strike price levels. · Support and resistance is based on the concentrated buying and selling of. LETS MAKE WORLD A BETTER PLACE
So the first one is available at If you close Metastock and do an update at The exchange sends the next snapshot at If you do an update at say What is the difference between Reuters data and our local premium data services?
Thomson Reuters provide data for almost every equity exchange across the globe, they divide their data into regions. This is great news for customers wanting access to many markets, the flip side is that this data is not specifically tailored to individual exchanges and not as comprehensive as a dedicated single market data service. Reuters data also covers World Futures, Forex and Indices.
The markets covered are very comprehensive and offer far more flexibility to customers in the way the data in presented and sorted. These custom folders are pre-built and fully maintained with all corporate actions and maintenance tasks automatically applied. These Sectors are also broken down to provide more in-depth specific lists such as their sub-Industry groups.
As an example of this, the Health Care Sector has all stocks related to Health Care within it, whereas the Sub-Industry groups for Health Care cover Health Care Distributors, Equipment, Facilities, Real Estate, Services, Supplies and Technology all in separate managed folders allowing you to target a very specific area of the market for analysis.
This flexibility to the end user makes our local data the very best available. Yes, generally speaking customers using older versions of Metastock are entitled to upgrade their version to the latest version at a discount. A Metastock upgrade is a full Metastock version that can be used independently and does not need to be installed over the top of a previous version, for more information on upgrading please call us on 03 or complete your details here Contact us 5. XENITH is a software and data module that empowers you with advanced, fully customizable analytical capabilities, and comprehensive cross asset data.
It gives you a full breadth of global, economic, and critical market news to help you quickly identify the best ways to use and manipulate information. What is the difference between buying Metastock and data from a local agent or buying direct from the USA? The Metastock software is the same version regardless of where it is purchased.
The difference is the on going support provided to users. This quality of this support differs depending on the knowledge and availability of the local Metastock business, we have been using and supporting Metastock for over 25 years and provide our customers with the very best ongoing care. We are an independent business that earns income from sales of Metastock and data services.
In return we provide local support to our Metastock and data customers during local business hours and our customers are also fully supported by Metastock in the USA. This is because I believe a hammer pattern should have a reasonable daily range and be close to a significant low. Make your own Trailing Stop Loss Indicator.
I believe trailing stops work best in most cases, and allthough MetaStock comes with its own trailing stop loss indicator built in, here is the formula for a simple trailing stop loss indicator you can build yourself. This one works well as a general all-rounder and I have found it really helpful.
These values can be changed, and in the next article we talk about how to figure out the best stop loss values for any stock in your portfolio by back testing the variations. What are the best stop loss values to use.
Have a look at the indicator and remember the numbers its using 3, 5 and The goal here is to test and see which parameters work BEST on the stock you are trading. Perhaps you can improve on the values 3, 5 and This indicator is based on the average true range ATR.
It calculates the average range that the stock moves over the last 5 periods one week and then multiplies that value by a factor of 3. If we multiply that by 3 we get 12c. The idea is that more volatile stocks need more leeway to prevent getting stopped out on normal price fluctuations.
The indicator then tracks the stop price as it rises, but maintains its highest level over the prior 20 periods when the stock begins to fall. In effect; locking in profit each time the stock moves in our favour. Regardless of what your entry criteria may be, try and use a trailing stop loss the next time you run a back test. You can ask MetaStock to test a multiple of combinations and tell you which values have worked best in the past.
In this example I am using a simple moving average as an entry condition. Open the system tester. You need to tell MetaStock a minimum and maximum value for MetaStock to test. Opt1 is how many times you would like to multiply the ATR. Opt2 is the number of periods over which the ATR is calculated. Opt3 is how many periods MetaStock should look back when calculating the highest value of the stop loss. Double click the opt1 values and enter the following: Opt1: Minimum 2, Maximum 10, and step 2.
Opt2: Minimum 5, Maximum 30, and step 5. Opt3: Minimum 5, Maximum , and step 5. Click Ok and then New simulation. Choose a stock using the add security tab and hitting open. Then next, and next and then start. The system will take some time to run as it has to calculate all of the combinations of indicator variables. It then comes back with the results of the best performing values.
These are the values you should use for your stop loss. In the last artical we looked at how to back test a stop loss. Remember we started off with the values 3, 5 and This leaves us with the problem of having to re-write our stop loss indicator with these new values. So in the below examples I show you how to get MetaStock to prompt you to enter the values you would like to use into your own custom indicator as soon as you drag it onto the chart.
This makes entering different values into your own customer indicator easier. Then, all you need to do is tell MetaStock to ask for the input value. In the above example we have a minimum of 1 and maximum of and a default of Copy and paste both lines of code into the indicator builder to see how it works. A 21 day moving average is easy, since there is only one input to change. However, our stop loss indicator had three inputs. Copy and paste the inputs below 4 lines into the indicator builder to create your own custom Stop loss indicator in MetaStock.
This exploration can be modified to suit your exact criteria by altering the 50 to a number that suits your timeframe better. In Metastock open the explorer and select new exploration. Copy the code below and paste it into the filter tab. Now select the stocks to run the exploration over and hit explore.
Open MetaStock; Open the explorer and click new. For example: Volume Spike In the notes box, write a brief description of the scan. For example: Find stocks with unusually high volume. This scan can be modified or used in conjunction with other criteria. The expert advisor icon is located at the top of the MetaStock screen, the icon is that of a man in a bowler hat.
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Resistance: On the other hand, when the demand is more strong than support, the price of the assets usually increases. At a certain price point, supply and demand meet. To that exact price point, resistance level forms. At that resistance point, there are enough sellers to meet the buyer. So, the price usually does not up beyond that price point. There are many ways you can identify the level of support and resistance.
Almost all the ways can give you the best results for the technical analysis. Pivot point The pivot points can help to identify the level of support and resistance. This indicator usually collects data from the previous candle in the MT4 chart. Most of the forex trader uses the maximum touch strategy to analyze the market condition in forex.
Swing Highs and Lows Swing highs and low is the process of notifying the previous lows and highs of the chart where the price could not breakthrough. This is a very time-consuming method, as you have to identify every level of the currency. Psychological level This method is most popular to identify the level of support and resistance.
For example, 1, is a good psychological level of support or resistance. Almost all the new forex traders require to identify the level of the market to make decisions for each trade. You can use support or resistance indicator, or you can do it all manually. But the indicator will be useful for new trades as well and experience traders.
Supports are the levels which are beneath the current price, while resistances are the levels above. Furthermore, when price goes down through a support level and breaks it, this level becomes a new resistance and vice versa. In other words, when breaking the level in a bearish direction, price relocates under that level and the old support levels now becomes a new area of resistance. The chart covers the time frame Sep. The green circles show the places where the price gets supported by the purple 1.
This example shows how a support could turn into a resistance and how it could start acting as a level with opposite force. Click Here To Join How to find support and resistance levels? For the most part, support and resistance levels are very easy to find on the Forex charts. Every bottom on the chart is a potential support and every top is a potential resistance.
Notice that I call these potential and not actual. A potential support turns into an actual support, when the price conforms to its level more than once. If we see the price dropping to a level and then going back up, we consider this area as an eventual point, where next time the market gets to that level, it might find opposition. If we see the price bouncing again from this level, then we confirm the level as a support. Then we assume that the price is likely to bounce off this support again in case of another drop.
The same applies for resistance levels. Not all support and resistance zones are created equal. We are only interested in trading valid supports and resistances as measured by their authenticity and potential. There are weak supports and reliable supports. There are weak resistances and reliable resistances.
As you probably guess, traders tend to stick with the more reliable levels, as they are more likely to point to a successful entry and exit point. The more reliable support and resistance levels are the ones, which are older and have generally been tested more times.
The image shows the move of the price between Nov. The purple line is a 7-times tested resistance of the price, while the yellow line is a 4-times tested support. The circles point the exact place where the levels were tested. Since the purple level is older and has been tested multiple times, it is the stronger level. The orange rectangle shows the area where the two levels are consolidating, and bouncing back and forth in an attempt to breakout of the range.
We can expect one of the two levels to be broken. Since the purple resistance is older and has sustained the price longer than the yellow support, I would prefer to take a market position in bearish direction, because I assume that the yellow support will bend under the pressure of the purple resistance.
Actually, this is exactly what happens in the end of the orange rectangle. The price gets through the yellow support, which from now on should be called resistance as prices fall below the prior support level. As we have discussed, support and resistance levels are used to place entry and exit points on the chart. These are the essentials of any Forex trading strategy, which every trader should know how to use!
The reason for this is simple — no matter the strategy you use and the tools you apply, the price of every Forex pair constantly approaches different support and resistance lines, and so we must keep a watchful eye on price action surrounding these levels. Since the support is old and many times tested, I assume that this support level is reliable. For this reason I could try to enter the market and set an entry point after the price touches this support level.
The right way to do this is to wait for the price to interact with the level first. When this happens, I enter the market with a long position only if the price bounces in bullish direction from this level. If you go long on your support level, the most logical place to put your stop loss would be below the support area.
You place your stop right beneath your support. Doing so will limit your loss in case the bounce is a fake and the support gets broken in bearish direction after all. The purple line is an old support level, which I consider reliable and good for setting entry points. The image stages four cases to enter the market on this support level. The blue arrows show the ascending move we get after the price interacts with the purple support.
Notice case 3 where after a short increase, the price does a rapid drop and hits our stop loss order. This is why it is paramount to always use a stop loss when trading. So, this support level gave us three good long positions and one bad, which equals to success rate.
Note that setting entry points on resistance levels works the absolute same way as setting entry points on support levels, but in the opposite direction. For this reason, imagine you have bought a Forex pair and the price moves in bullish direction according to your view. I should secure myself!
The image below will make this clear for you. I am in a long position after the red bullish trend line. The thicker parts of the trend show where the price finds support. While I am in my long position, I see the price getting close to an old resistance, which has already been tested few times and has sustained the price of the Yen. Therefore, it is a good approach to secure my position with an exit point below this resistance in order to avoid loss of already gained profit. Whenever the price touches the resistance, a stop loss could be placed below the candle, which has touched the level.
On the image above this is the small orange line. If the price breaks the resistance in bullish direction, then I can reopen my position. But if the price does a rapid drop, I am protected with a stop loss order like in the example above.
The stop loss covered us for the rapid decrease, which even got the price out of the red bullish trend. But what if the price bounces from the resistance but then bounces up again from the red trend?
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