I wish to map and display the Support/Resistance lines (i.e. SMA20_daily) of ES onto NQ graph as I think they are mutually effecting each other, how may I achieve this? Do I need to do some kind of normalization?
For example, I have a SMA20_daily of ES, is there anyway I can 'map' this support/resistance line to the NQ chart, so that I can see the SMA20_daily_ES on my NQ chart, therefore plan an entry/exit of NQ? (i.e. If I believe when ES touches this line, it will reverse, than I can plan to do reversal strategy on NQ, as NQ is the symbol I wish to trade)
I have tried using simple ratio method, but it didn't produce the correct mapping. :(
Price of SMA20_daily_ES on NQ Chart = (Price_NQ/Price_ES)*(SMA20_daily_ES)
Any advices will be awesome.
Thank you guys!