Projecting Support and Resistance from Recent Period Extremes

Summary

This chart indicator tracks the two most recent period highs and lows across yearly, quarterly, monthly, weekly, daily, four-hour, and one-hour intervals. At each new period, it uses the two preceding periods’ extreme prices and the bars where they occurred to calculate a slope, then projects the resulting high and low lines forward through the current period. The displayed values represent the latest projected levels, which can serve as potential support, resistance, or breakout references.

Users can enable or hide intervals, lines, and numeric labels. The chart timeframe must be faster than the interval being plotted, and sufficient history is needed to identify two highs and lows. The document notes a special daily-bar convention in which Sunday data is included with Friday, and weeks begin at Sunday’s open. These levels are a technical reference rather than a tested trading system; the source provides no performance results, entry rules, or risk controls, and drawing across extensive history may be slow.

Key ideas

• The indicator estimates projected high and low levels from the two latest period extremes and their bar positions.
• It supports yearly through hourly periods, subject to chart timeframe and available history.
• Lines and value labels can be controlled independently.
• Daily calculations combine Sunday data with Friday, while weekly periods begin on Sunday.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.