Is there a tool which can automatically indicate the support and resistance?

bittraffic

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Quote from: Tellek Garing on August 08, 2021, 03:19:12 AM

Quote from: RokokGudangGaram on July 31, 2021, 07:01:43 AM

Any average trader can spot simple support and resistance, why would you need a tool. But maybe you could try Fibonacci Retracement it can spot supports and resistance too, sometimes I use this method when it is uptrend or downtrend so I could easily spot where is the possible support and resistance. You can try to research more about this, I may be wrong about this since I'm not a professional trader.

Indicators can be good but not useful for me, what I do now is that I am very patient, I will count myself as a swing trader, I may not trade for days or weeks, I will let the price of coins to decrease very well, if the market is again red, I will buy when some people are afraid to buy, this has not failed me before, I always win it, before I lose because I am not patient, trading is good but only for those that can be patient to reap the fruits.

Fibonacci is good to use even for the swing trader, you just have to use it for the daily or weekly chart. The indicator will still show you the support and resistance along the way up or down. But identifying the support and resistance in a shorter time frame like 1-4 hour time frame is still possible with Fibonacci. It's meant to be used in the shorter time frame as well but it's good to use along with RSI. Every indicator I think deserves to be paired with RSI.

Tellek Garing

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Quote from: RokokGudangGaram on July 31, 2021, 07:01:43 AM

Any average trader can spot simple support and resistance, why would you need a tool. But maybe you could try Fibonacci Retracement it can spot supports and resistance too, sometimes I use this method when it is uptrend or downtrend so I could easily spot where is the possible support and resistance. You can try to research more about this, I may be wrong about this since I'm not a professional trader.

Indicators can be good but not useful for me, what I do now is that I am very patient, I will count myself as a swing trader, I may not trade for days or weeks, I will let the price of coins to decrease very well, if the market is again red, I will buy when some people are afraid to buy, this has not failed me before, I always win it, before I lose because I am not patient, trading is good but only for those that can be patient to reap the fruits.

RokokGudangGaram

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Any average trader can spot simple support and resistance, why would you need a tool. But maybe you could try Fibonacci Retracement it can spot supports and resistance too, sometimes I use this method when it is uptrend or downtrend so I could easily spot where is the possible support and resistance. You can try to research more about this, I may be wrong about this since I'm not a professional trader.

capoeira

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try this one https://www.tradingview.com/script/JAW0oW7R-Support-Resistance-V2-Indicator/

goaldigger

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Quote from: 9thsky on July 29, 2021, 07:57:23 AM

I specify the time frame, it tells me where the support and resistance is for that time period. And if it can give me multiple points basted on strength shown by percentage, that's be fantastic.

We have a local platform who offers this kind of services for free, they automatically compute and use the indicators that you can possibly use. You can search for Investagram if its available in your country and download it for free. I think tradingview also have this feature, I’m not sure though better to check it.

milewilda

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Quote from: hugeblack on July 30, 2021, 01:31:46 PM

Quote from: 9thsky on July 29, 2021, 07:57:23 AM

I specify the time frame, it tells me where the support and resistance is for that time period. And if it can give me multiple points basted on strength shown by percentage, that's be fantastic.

Do you mean support and resistance points for historical data or for the latest results within a day, a week and so on?
I don't think there is a platform that provides this feature so it is best to ask the trading bots.

In general, support and resistance points are not always accurate and are not relied upon alone to predict the price.

He maybe talking in overall time frame which would automatically shows up those support and resistances but actually it isnt really that hard on even putting it up manually.
When you are already experienced then you can eventually draw the line in your head or you can determine on whats the lowest low or the highest high.
Just like on what been said above that there are some which can be used but in overall aspect it wont really be that hard on making your own.
Its just too basic on putting up support and resistance lines.

Ararbermas

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There's a bunch of indicators for that wherein you can identify the growth rate if its over sold or over bought and for me the good example are MACD, Stochastic RSI. if these isn't what you looking for, then you should now how tp used a ruler in the graph to locate the real support and resistance of the coin. Actually it's so easy for example if the candle plunges and it can't even grow back to current value then it's the resistance level and the support also is where the candles land before it grow a little bit..for further information you can make research mate.

hugeblack

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Quote from: 9thsky on July 29, 2021, 07:57:23 AM

I specify the time frame, it tells me where the support and resistance is for that time period. And if it can give me multiple points basted on strength shown by percentage, that's be fantastic.

Do you mean support and resistance points for historical data or for the latest results within a day, a week and so on?
I don't think there is a platform that provides this feature so it is best to ask the trading bots.

In general, support and resistance points are not always accurate and are not relied upon alone to predict the price.

OcTradism

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Quote from: 9thsky on July 29, 2021, 07:57:23 AM

I specify the time frame, it tells me where the support and resistance is for that time period. And if it can give me multiple points basted on strength shown by percentage, that's be fantastic.

You must know that supports and resistances are traps from whales.

No tool can help you to differentiate real supports, real resistances, and traps from whales. They are changing with time. If you use tools, you will be more careless and you will be more easily trapped. Because you believe in tools, you don't have independence in your thoughts and decisions. It's bad.

gabbie2010

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Quote from: 9thsky on July 29, 2021, 07:57:23 AM

I specify the time frame, it tells me where the support and resistance is for that time period. And if it can give me multiple points basted on strength shown by percentage, that's be fantastic.

There are many support and resistance indicators online free and paid ones provided that your trading platform is MT4 I don't know much about other trading platforms some are based on your preferred timeframe you can Google the ones that indicates their percentage strength if available they might not be free check here : https://www.mql5.com/en/market/mt4/indicator/paid I am sure you will get some useful ones there, try and subject the indicators to test and pick the one that suit your trading strategy or if you are using bot deploy it and test it consistently until it achieve your desire result.

adaseb

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Well do you really need an indicator for support or resistance? You can easily tell just by looking at the chart. Look for the most recent high/low.

If you really want to indicator there are tons of custom ones available in the public Tradingview indicator. Just click the "INDICATORS AND STRATEGIES" button and then click "PUBLIC LIBRARY" and then try in something like "Support Resistance" and there are a few.

I tried the Support and Resistance by kaleboracity and it seems to plot what you are looking for.

LUCKMCFLY

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Those that automatically do what you ask have already answered you, they are bots, and according to the temporality is the Volume Profile, it should be noted that for any analysis there are resistances and supports that vary, in the long term always the supports and resistances are those that are maintained In the short term there are always resistances and supports that are generated as time passes and the way the market moves.
In my case I have a different way of looking at the supports and resistances, the only resistance or ceiling that there is is $ 64k when it comes to Bitcoin, and what others know as resistances and supports I call them areas of opportunity.

Fesatmas

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You want more for instant trading that provides services of all indicators based on your command signal support and resistance that you can sell at the highest price. If what you're after is bots, I think you need to adapt them to the exchange you're using.

Tellek Garing

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You are talking about bots, only bots can give such signal of where the support and resistance level can be, but bots can fail, they will mostly fail you, you should study trading technical analysis, know how to make sentiment analysis, go for fundamental analysis by reading news very well, bots can predict wrongly.

jackg

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https://bit.ly/387FXHi lightning theory

Not sure what it's called elsewhere but for trading view, volume profile (aka vpvr) allows you to determine the prices the highest volume is traded at).

I assume that's what you mean? Like volume by price rather than time?

9thsky

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I specify the time frame, it tells me where the support and resistance is for that time period. And if it can give me multiple points basted on strength shown by percentage, that's be fantastic.

Topic: Is there a tool which can automatically indicate the support and resistance? (Read 99 times)