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It calculates the slope of the resistance or support line. The slope is important when it comes to detecting and backtesting chart patterns such as the Falling or rising wedge patterns.
This indicator uses the built in "TA.AutoSR" function, which returns for each trading bar an array containing three values: The support or resistance level, the line slope and the intercept.
"SlopeAutoSR" function parameters:
Param 1: Set 0 to calculate the last support line, 1 for the last resistance line, 2 for the support line of each trading bar and 3 for the resistance line of each trading bar.
Param 2: Lag Period. It instructs QuantShare to end the calculation of the lines at current bar minus lag
Param 3: Lookback Period. It instructs QuantShare to start calculating the lines at current bar minus lookback period minus lag.
Example of usage:
degree = SlopeAutoSR(3, 1, 50) * (180/3.14);
buy = degree > 30;
When used in a trading system, the above formula enters long when the angle of the 50-bar resistance line becomes higher than 30 degrees.
Note that slope is measured in radians. We can convert it to degrees by multiplying it with (180 / 3.14).
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.
