Click here to Login

How to plot support and resistance lines automatically

Updated on 2011-11-22 03:51:24

Share |

A new drawing tool recently released in QS Trading Software allows you to plot support and resistance lines automatically simply by selecting two points in a chart.


- Select the "Auto Support/Resistance" from the drawing tools panel

- Click on a chart to select the start point
- As you move your mouse, you will see how the support and resistance lines are drawn on the chart
- Click once again on the chart to complete the drawing process

There are two ways to extend the support and resistance lines:

- Right click on the support or resistance line, select the second tab then choose an item from the "Extend Type" list:

No_Extend: Lines are drawn from the start to the end point
Extend_Line: Lines are extended
Extend_Trendlines: The end points of the support and resistance lines are set to the last quote bar.

Bars to Skip:

The "Bars to skip" setting defines the number of bars to skip around the high and low.
Example: If you set the value to 5 then the close/high price (depending on your setting) is allowed to trade above the resistance line in the 5 bars that comes before or after the highest high.

no reviews (Log in)

Other how-to articles

How to scale and move the chart Y-axis

How to plot news on a chart?

How to plot a time-series that do not update the chart scale

How to create and trade a Neural Network model

How to create trading rules based on Put and Call volume data

How to plot the number of stock tweets per day

How to plot a stock using different periods in the same chart

How to automatically draw Fibonacci Retracement for each new stock?

How to plot put/call ratio of individual stocks

Create an account
Affiliate Program
Contact Us
Trading Forum
How-to Lessons
About Us
Terms of Use

Copyright 2024
Social Media
Follow us on Facebook
Twitter Follow us on Twitter
Follow us on Google+
RSS Trading Items

Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.