Welcome to the How To Use Support and Resistance.

 

Support Resistance Lines allow a quick way to see on a chart where stock price might reverse direction. 

These lines can come from any study such as pivot points, an exponential moving average, the boundaries of a Bollinger band, or any study that has the same scaling as the chart bars.

 

Opening and Closing the Support Resistance Lines

 

The support resistance lines can be easily toggle on and off from the main menu by clicking the support resistance button.

 

 

Each line on the right side of the chart shows where a study chart line exists. In the case of this chart we have a series of exponential moving averages showing where each moving average is on the right side of the chart.

 

If we put the mouse cursor over one of the lines, it will show the chart line on the chart and show a popup with the chart line description and the chart line value.

 

 

 

Changing the Support Resistance Lines on the Chart

 

If you right click on one of the support resistance lines you will get a context sensitive menu with two options. 

 

 

 

Delete Support Resistance Line - Delete the line from the support resistance.

 

Edit Support Resistance Line - Edit the line and change either the input values of the study or change the color.  Below is the support resistance line editor that pops up with this choice.

 

 

 

Input Values - These are the default chart line input values that can be changed by the user. 

 

Input Default Type - This tells the program what type of input is being used.

 

Number - The input is a number to be used in a calculation.

 

String - The input is a symbol to be used with the STOCK Operator.

 

Price - The input value will be ignored and will be replaced with the current last trade when calculating.  Useful for stop loss calculations.

 

Input Name - The name of the input.  Only used for reference in a support resistance line. Do not change or the support resistance line will cease to work.

 

Input Value - This is the default value of the input, it can be either a number, a reference to number series,  the last stock trade,  or a symbol depending on how the Input Default Type is set.

 

Is Fractal - If true the input uses the value as a reference to a number series.  For a PhiCube teams this would be  the appropriate four, five, or six series.  For any other study it would refer to the Fibonacci series.   For the Fibonacci series the references and number would be  1=2, 2=3, 3=5, 4=8, 5=13, 6=21, 7=34, 8=55, 9=89, 10=144, 11=233, 12=377, 13=610, 14=987, 15=1597.

 

Line Appearance - This describes the appearance of a support resistance line on the chart

 

Line Color - The color of the line.

 

Line Width - How many pixels wide the line is.  Because you can have a lot of support resistance line that may be very close together, it is recommended that this only be 1.

 

Line Style - Determines if the line is to appear solid, dotted, or dashed.

 

Theme Line Color - If set to true this chart line will use a predefined color set in the preferences theme.  This allows automatic changing of colors when changing from a theme with a light back ground to one with a dark background and visa versa.

 

Line Color Alpha - This determines how transparent the line is.  A value of 255 is completely opaque, a value of 0 is completely transparent.

 

Each support resistance line can have its own unique style.

 

It is very easy to add a line on the chart to the support resistance.  Right click on a chart line  or right click on the study title line title and select "Add Support Resistance Line".

 

 

 

Support Resistance Lines History

 

You can also see where the support resistance line were in history by bringing up the info window. Just click on a bar so the info window cursor is on it and the support resistance lines now represent the values on that bar, just click on the last bar or close the info window to have the support resistance return to the current bar.

 

       

 

Management of Multiple Support Resistance Groups

 

The support resistance group can be saved,  edited,  and opened at any time.  If you right click in a chart you will find these options under file.

 

 

There is also a set of the buttons in the main menu under layouts

 

 

 

Save Support Resistance -  A dialog box will popup which will allow you to give the support resistance group a name.  Then click save.

 

Open Support Resistance - Open a new support resistance group by selecting open and then select a filename in the open file dialog.

 

Edit Support Resistance - This will open the support resistance edit window.  All the current support resistance lines will be listed and available to change.

 

Support Resistance Editor

 

There are five buttons in the editor.

 

 

 

Add Line - This button will popup  a list of all studies with their chart lines listed under them, just click a line and it will add to the support resistance.

 

 

 

Delete Line - Delete the highlighted line from the support resistance group.

 

Clear All - Erase all the support resistance lines leaving an empty support resistance group.

 

Save - This open a save dialog.  Enter in the name of the group and press save.

 

Cancel - Exit the editor without any changes.

 

Just click on a line in the left of the window to change any of the properties of the line.  See above for definitions of each property.