Trading Range or S & R

[Beno]

Hello

I have an idea for and indicator or sorts.

The idea is to scan through history and find the most common highs and lows

example

EUR/USD

lets say there are 86 highs at 1.36679

and 68 Lows at 1.10323

This should in theory give you the most common support and resistant prices per pair.

Let me know what you think, and if you are able to code it.

Cheers

Beno

[rabih74]

Hi Beno,

Try this Ind, it draws S & R, where the price has bouced off, or reversed sharply, weekly/monthly hi/lo, you need to download the entire history data in order to get old S & R. but it doesn't take into account how many times the price has bounced on a specific level as you stated. But it is really usefull Ind.. hope you'll like it.

[Beno]

rabih74:
Hi Beno, Try this Ind, it draws S & R, where the price has bouced off, or reversed sharply, weekly/monthly hi/lo, you need to download the entire history data in order to get old S & R. but it doesn't take into account how many times the price has bounced on a specific level as you stated. But it is really usefull Ind.. hope you'll like it.

Thanks for the very nice indi but it's not quite what I am looking for.

[iGoR]

That type of trading is called market profile.

But I know that the market profile indicators I saw on MT4 platform are no doing a great job.Maybe that they have improved since I last time watched them.

So google on "market profile"

Friendly regards...iGoR

[Beno]

iGoR:
That type of trading is called market profile.

But I know that the market profile indicators I saw on MT4 platform are no doing a great job.Maybe that they have improved since I last time watched them.

So google on "market profile"

Friendly regards...iGoR

Not quite

Market profile show the most common prices over time ie where the buyer and seller are fighting.

but the concept is similar.

I am looking for the most common Highs and most common Lows over all the pairs history so it forms a channel.

the pic is hypothetical.

Cheers Beno

[Walander]

Beno,

There is an indicator over at FF that does this based on a threshold of "hits".

Should be in the indicator section, i'll try and find it for you later if you don't find it before I do.