What's up men. Im a new user of the thinkorswim platcreate as well as a new trader. Im interested in getting a better analyzation of charts and also need assist creating a zone in my chart identifying the most recent level of price resistance. Comparable to how the guy is showing in the video linked here --> How to Identify Powerful Support/Resistance. I dont recognize if if its a Double Top pattern being defined in the video or something else. Does anyone have a chart referral or just how execute I create this zone on the ThinkorSwim Platdevelop platform?
Are you in search of an indicator that aid to plot these levels? Try this one https://usethinkscript.com/threads/auto-pivot-points-support-resistance-indicator-for-thinkorswim.158/
I always start through the year daily chart. I see assistance and resistance levels as either, a place where the chart has bounced off of 2 or more times. Or a day with unusual volume. Also remember that simply because it may be an excellent level, the stock doesn't need to rotate precisely at that spot. Hope that helps
You have to define assistance and resistance in a means that a computer system deserve to understand also. - then usage ThinkScript to tell ThinkorSwim what to perform.
You are watching: Thinkorswim automatic support and resistance lines
I think you are stating the evident. The op is trying to find an indicator most likely because he doesn't recognize how to code it even if he knows it have to be in a means that a computer can understand also. I think this is difficult to do because you need to filter out the noise and also additionally resolve trend line pokes and early on bounces, so certainly not for a novice coder. The one /u/alkjdasoad connected looks quite complicated.
You have the right to use ToS researches such as Previous Day High and also Low, and Overnight High And Low. These are consistent and also everyday extremely strong Support and also Resistance Lines.
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