Hey all.
Just letting you know that I just purchased MS last night... so I'm real new to this.

I have this EXEL Spreadsheet that calculates Support And Resistance Lines. I used to have Incredible Charts, and I used to manually put in the values (as Horizontal Lines on the chart) the spreadsheet gave me, which was very painful.
Then I found out the potential power of MS! I was wondering if it was possible to write an indicator/system that could do my spreadsheets calculation and my manual labour automatically!

I've been looking around the site's forums for people with similar questions, but i believe that my question is on a commonly asked question, it just has a little twist that no one else has specifically asked.

This is what I used to do:

1. Set my chart to monthly
2. Write down the PREVIOUS month's High Low and Close
3. Plug the previous month's H L and C into the spreadsheet.
4. The spreadsheet had this formula in itself:

H= Previous Month's High
L= Previous Month's Low
C= Previous Month's Close

Pivot =(H+L+C)/3

R1 =2*P-L
R2 =(P-S1)+R1
R3 =2*P+(H-2*L)

S1 =2*P-H
S2 =P*(R2-S1)
S3 =(2*P)-(2*H-L)

With R1 being Resistance Line 1 and so on...
and S1 being Support Line 1 and so on...

5. I'd then note the values it then calculated
6. Then I'd manually place a Horizontal Lines on the values I noted from the spreadsheets.
7. I'd then repeat steps 1-6 for every stock in my watch list!! (See what I mean :( )

Basically I'd do this every month to get an idea where all the Support and Resistance Lines are at, and when I apply the indicator/system, horizontal lines pop up on the chart, which satisfy the above formula.

Question:
Is it possible to design a code that does the above procedures automatically?
If so, can you give me a look at what the code would look like? (If you solve this you will be known as a champion knight in my books :D )
If not, can you give me some tips that might enable me to achieve my goal?

Thanks for reading my plea.
Hope someone can give me feedback.

Love always,
Vanez

Vanez:

S2 =P*(R2-S1)

Perhaps this pivot should be something like S2= (P-R1)+S1 instead.

Vanez:

Love always,
Vanez

Unfortunately Love doesn't pay the bills. :?
But since we've been asked to be nice to Newbies...

MetaStock -> Tools -> Indicator Builder -> New ->
Copy and paste indicator formula.

Code:

{ Monthly pivots v2.0 }

{ ©Copyright 2002~2005 Jose Silva
For personal use only.
http://www.metastocktools.com }

{ Message }
message:=Input("plot on Weekly/Daily/Intraday charts",0,0,0);

{ Month's start }
mthStart:=Month()<>Ref(Month(),-1);

{ Previous Month's High }
Hi:=HighestSince(1,mthStart,H);
mHi:=ValueWhen(1,mthStart,Ref(Hi,-1));
mHi:=ValueWhen(1,mHi>0,mHi);

{ Previous Month's Low }
Lo:=LowestSince(1,mthStart,L);
mLo:=ValueWhen(1,mthStart,Ref(Lo,-1));
mLo:=ValueWhen(1,mLo>0,mLo);

{ Previous Month's Close }
mCl:=ValueWhen(1,mthStart,Ref(C,-1));
mCl:=ValueWhen(1,mCl>0,mCl);

{ Pivot }
pivot:=(mHi+mLo+mCl)/3;

{ Support & Resistance }
R1:=2*pivot-mLo;
S1:=2*pivot-mHi;
R2:=(pivot-S1)+R1;
S2:=(pivot-R1)+S1;
R3:=2*pivot+(mHi-2*mLo);
S3:=2*pivot-(2*mHi-mLo);

{ Plot pivots on chart }
R3;R2;R1;
pivot;
S1;S2;S3

jose '-)

MetaStockTools.com
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MetaStockTools.com

Jose Another newbie sends his love (and appreciation!) :)

Jose,
Thanks for the posting the monthly pivots too! I came back to ask for that, and there it was.