2009.11.18 TRO_POR PERCENT OF RESISTANCE

[TheRumpledOne]

2009.11.18 TRO_POR PERCENT OF RESISTANCE




Someone asked me to code the PERCENT OF RESISTANCE for MT4:

http://www.marketinout.com/help/atoz/index.php?id=123


FREE MT4 version TRO_POR, including SOURCE CODE, attached.


PLEASE DO NOT POST MY CODE ON OTHER FORUMS.

[relmason]

Seeing that you seem to have a great proclivity in coding indicators I was wondering how difficult it would be to automate just the system you have put together (where you look for semaphores on the H1 charts, then trade using the M15 chart when the trigger(s) is met?) It would be great for times I can't be around just watching my computer. Have you considered doing this?

By the way, following your system has produced a steady string of gains for me after a steady stream of losses while using EA's (who came up with that nomenclature anyway? In my opinion they should be called BUI's - Barely Useful Idiots).

I really appreciate your work, wisdom and help to all.

Thanks!

[TheRumpledOne]

I do not code EAs.

[franck]

how r u? thks again for each new code.

background stats: there seems to be a positive correlation between price and POR until a time/point when there is a change of its coefficient. it will be interesting to have the actual stats of coefficient at THE point.

[trader.dan]

Hi to all. I came across Percent of Resistance indicator, here, for the first time. My searches show that it is similar to the Stochastic Indicator, and can be used for divergence trading. I want to know more about this indicator, but the material available online is very elementary. Will anyone who is using this indicator take the pain to tell me more about this indicator. Valid ways of using it; combining it with other tools etc. Looking forward to learn more about this indicator.

Thanks.

[TheRumpledOne]

PERCENT OF RESISTANCE
Overview

Percent of Resistance (PCR) is an oscillator that compares a security's closing price to its price range over a given time period. It is similar in function to the Stochastic Oscillator.


--------------------------------------------------------------------------------

Interpretation

Percent of Resistance may be interpreted in the following ways:

Buy when the indicator falls below a specific level (e.g. 20) and then rises above that level. Sell when the indicator rises above a specific level (e.g. 80) and then falls below that level.

Look for divergences. For example, prices are showing a series of new highs but PCR is failing to surpass its previous highs.

[Redkit]

hmm glad I checked this post, thanks TRO

I will keep an eye on the cable chart for some time

[technical.trader]

This is an interesting indicator which is rather low-profile on the internet - may be a good trading idea - what with everything already so over-researched and over-EA'd ! Anybody know of screeners that could throw up POR entries and exits with divergences? Regards to all.

[newscalper]

I wouldn't waste your time m8. You're going up a dead end.