0
$\begingroup$

I'm starting to learn resistance / support.

I'm trying to calculate it, but i'm not sure to understand something.

Let say i have an array of 5 last trades done (i can have much more, it's just for the example) : [[1611965400000, 107.145, 107.434, 107.0, 107.029, 230.9], [1611965700000, 107.033, 107.182, 106.714, 106.73, 490.3], [1611966000000, 106.708, 106.834, 106.524, 106.545, 390.3], [1611966300000, 106.603, 106.626, 106.038, 106.154, 597.3], [1611966600000, 106.145, 106.311, 106.037, 106.188, 462.9]]

Here what value is equal in my array of data:

[
    [
        1504541580000, // UTC timestamp in milliseconds, integer
        4235.4,        // (O)pen price, float
        4240.6,        // (H)ighest price, float
        4230.0,        // (L)owest price, float
        4230.7,        // (C)losing price, float
        37.72941911    // (V)olume (in terms of the base currency), float
    ],
    ...
]

To calculate the pivot /support / resistance i have to do that :

 pp = (high + low + close) / 3
 r1 = 2 * pp - low 
 s1 = 2 * pp - high

But, for high / low / close, should i take the average of all my data in array? or should i take only the last element ? or should i take the highest for the high, the lowest for the low, but what for the close ?

Thank for your help !

$\endgroup$

1 Answer 1

1
$\begingroup$

"for high / low / close, should i take the average of all my data in array"

You require OHLC data based on calendar time, not economic time. You will need to create 5-minute bars from the trade data.

$\endgroup$

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.