S/R Analyst Pro

Indicator Options

The following parameters fall in the general indicator parameter category.

Column Display

Select from "Price", "Points", or "Percent". This option controls what is displayed in the TL, SR, and Gap columns. If "Price" is selected then the actual price levels will be displayed. If "Points" is selected then the distance from current price, in points, will be displayed. And if "Percent" is selected then the distance from current price expressed as a percentage will be displayed. The default is "Price".

Max Point Distance

Input a value, in points, that indicates the maximum allowable distance that an object (i.e., a trend line, a support/resistance zone, or a gap zone) can be from current price and still be displayed in the column. This is simply a display filter so that you can hide levels that are far away from current price. This option only applies if "Points" is selected in the Column Display field. The default is 0, meaning no limit.

Max Percent Distance

Input a value, in percent, that indicates the maximum allowable distance that an object (i.e., a trend line, a support/resistance zone, or a gap zone) can be from current price and still be displayed in the column. This is simply a display filter so that you can hide levels that are far away from current price. This option only applies if "Percent" is selected in the Column Display field. The default is 0, meaning no limit.

Lookback Bars

This represents the number of bars back from the current bar to analyze for trend lines, support/resistance zones, and gap zones. The range is from 20 to 2000 and the default is 250.

Pivot Size

This number represents the minimum 'strength' or 'size' that a potential pivot must have to be considered as a valid pivot. This is measured as the number of bars on either side that are lower (for defining a high pivot) or higher (for defining a low pivot). A pivot size of 2 would require that each high pivot have two lower highs on either side and each low pivot have two higher lows on either side. Increasing this number will likely reduce the number of pivots that are identified by the script and, therefore, it will reduce the number of trend lines and support/resistance zones. In general, a lower Pivot Size setting provides a higher granularity in terms of trendline and S/R zone identification. The range is from 1 to 20 and the default is 3.

Min TL Length

This number represents the minimum length (expressed in bars) for a trend line to be considered valid by the system. You can use this parameter to filter out shorter trend lines that may not be as meaningful, from a trading perspective, as their longer counterparts. The range is from 5 to 1000 and the default is 10.

Min TL Touchpoints

This number represents the minimum number of touchpoints that a trend line must have to be considered valid by the system. A "touchpoint" is simply an area where price is in close proximity to, or actually touches, a trend line. The range is from 2 to 1000 and the default is 3.

Tolerance ATR Length

This number is the length, in bars, of the Average True Range (ATR) calculation to use when determining the Tolerance to be used by S/R Analyst Pro.

Tolerance is the percentage of price that constitutes a Break or a Touch of a trend line and is used in evaluating the validity of a potential trend line. If a trend line is broken at any point between the oldest pivot and the Ignore Zone, the trend line is considered invalid and is discarded. Conversely, all data points between the beginning of a trend line and the end of a trend line are analyzed and each time the price is within the Tolerance value of the trend line at that point in time, the trend line's touch count is incremented. The high price is used when testing upper trend lines and the low price is used when testing lower trend lines.

A Break is encountered if any price (high price for upper trend lines and low price for lower trend lines) exceeds the trend line by more than this amount.

A Touch is encountered if any price (high price for upper trend lines and low price for lower trend lines) comes within (but does not exceed) this distance to a trend line (on either side of the trend line).

Breaks and Touches are checked for between the oldest pivot and the Ignore Zone (which is generally the 3 most recent bars). In other words, a break that occurs within the last 3 bars of trading does not invalidate the trend line and this is how you identify trend line breakouts and breakdowns as they occur.

Tolerance is calculated by taking a fractional Multiple of the security's ATR. The range is from 1 to 200 bars and the default is 14.

Tolerance ATR Multiple (ATRs)

This number represents the number of ATRs to use when calculating the Tolerance value. Generally you would set this to a fractional value (i.e., 0.10 or 0.20, etc.). See the discussion under Tolerance ATR Length above. Range is from 0 to 5 and the default is 0.1.

TL Length Weighting

Use the Length Weighting parameter to instruct the system to favor longer trend lines over shorter trend lines.

There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.

Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.

Range is from 1 to 20 and the default is 1.

TL Touchpoint Weighting

Use the Touchpoint Weighting parameter to instruct the system to favor trend lines with more touchpoints over trend lines with fewer touchpoints.

There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.

Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.

Range is from 1 to 20 and the default is 3.

TL Gap Weighting

Use the Gap Weighting parameter to instruct the system to favor trend lines with smaller gaps over those trend lines with larger gaps. A "gap" is simply the distance between touchpoints on a trend line and the theory is that a trend line with evenly distributed touchpoints is more robust than a trend line comprised of touchpoints that are perhaps clustered at either end of the trend line.

There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.

Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.

Range is from 1 to 20 and the default is 1.

TL Proximity Weighting

Use the Proximity Weighting parameter to instruct the system to favor trend lines that are closer to current price.

There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.

Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.

Range is from 1 to 20 and the default is 2.

Max. Trendlines

This number represents the maximum number of upper trend lines and lower trend lines to monitor at any given time. The range is from 1 to 100 and the default is 4.

Bars to Ignore

This number represents the number of most recent price bars that should be ignored by the trend line analysis routine for purposes of determining trend line breaks. This is important since it allows trend lines to remain visible as price pushes through the line. The default value is 3, which means that the 3 most recent bars will be ignored for each trend line when it is examined to see if any breaks have occurred. The Ignore Zone is highlighted by a light-colored bracket on the chart display. The range is from 0 to 100 and the default is 3.

Show S/R Lines?

Select from "None", "Active Only", and "All". This parameter allows you to control the display of support/resistance (S/R) zones on the chart and in the watchlist. This parameter has three settings available:

•None: Select this setting to prevent S/R zones from being displayed on the chart or in the watchlist.

•Active Only: Select this setting to display only those S/R zones that have not yet been breached. A S/R zone is considered as breached if price crosses over the S/R line at any point along the length of the line. By crossing over we mean that price must have closed on one side of the line and then at some point closed on the other side of the line. A high or low that pushes past a S/R line is NOT considered as a breach.

•All: Display all S/R zones. Any S/R zones that are Active will have a small square displayed at the very end of the S/R line. This will make it easier for you to differentiate between those S/R zones that have already been breached and those that have not yet been breached.

S/R zones are price levels that have acted as support and/or resistance in the past and, it is assumed, will again in the future. S/R zones are displayed as colored horizontal lines on the chart and are drawn from the oldest pivot point in the group of pivot points that created the support/resistance level.

All S/R zones are assigned a 'strength' rating. S/R zone strength is simply a measure of how many pivot points have touched the line from beginning to end..... the more pivot points that touch the price level, the stronger that price level is likely to be in terms of providing support/resistance. The current Tolerance value is used to determine whether or not a particular pivot point has touched a particular S/R price level.

S/R Strength

This number represents the minimum 'strength' that a support/resistance (S/R) zone must have in ordered to be considered by the system as a valid S/R zone. S/R zone strength is measured by counting the number of pivots that touch the price level in question. By 'touch' we mean that the pivot comes within the distance specified by the calculated Tolerance value. If you set the S/R Strength parameter to 4, then only those S/R lines that have a measured strength of 4 or greater will be displayed on the chart. Range is from 1 to 1000 and the default is 2.

Show Gap Lines

Select from "None", "Active Only", and "All". This parameter allows you to control the display of Gap zones on the chart and in the watchlist. This parameter has three settings available:

•None: Select this setting to prevent Gap zones from being displayed on the chart or in the watchlist.

•Active Only: Select this setting to display only those Gap zones that have not yet been breached. A Gap zone is considered as breached if price crosses through the entire gap over one or more bars.

•All: Display all Gap zones.

Gap zones are always displayed on the chart in pairs. For example, in a Gap Up situation (e.g., the current bar's low is higher than the prior bar's high) a Gap zone will be drawn encompassing the area between the high of the prior bar and the low of the current bar. And in a Gap Down situation (e.g., the current bar's high is lower than the prior bar's low) a Gap zone will be drawn encompassing the area between the prior bar's low and the current bar's high.

SR/Gap Proximity (ATRs)

This number represents the maximum number of ATRs that a S/R zone or Gap zone can be away from current price and still be displayed on the chart or in the watchlist. This is simply a display filter that can be used to reduce clutter in the chart or watchlist by forcing the system to only display S/R or Gap zones that are close to current price. Range is from 1 to 1000 and the default value is 30.

Show Upper Trendlines?

Check this box to display upper trend lines in the watchlist and in the chart. If unchecked then no upper trend lines will be considered for alert generation. The default is checked.

Show Lower Trendlines?

Check this box to display lower trend lines in the watchlist and in the chart. If unchecked then no upper trend lines will be considered for alert generation. The default is checked.

Cosmetic Options

The following parameters pertain to the cosmetics used for the watchlist display.

Status FG Color

Select the foreground color to be used in the Status column.The default value is black.

BG Color

Select the background color to be used in the Status column. The default is pale yellow.

Upper TL FG Color

Select the foreground color to be used in the Upper TL column. The default value is black.

BG Color

Select the background color to be used in the Upper TL column. The default value is light red.

Lower TL FG Color

Select the foreground color to be used in the Lower TL column. The default value is black.

BG Color

Select the background color to be used in the Lower TL column. The default is light green.

Upper SR FG Color

Select the foreground color to be used in the Upper SR column. The default value is black.

BG Color

Select the background color to be used in the Upper SR column. The default value is light red.

Lower SR FG Color

Select the foreground color to be used in the Lower SR column. The default value is black.

BG Color

Select the background color to be used in the Lower SR column. The default value is light green.

Upper Gap FG Color

Select the foreground color to be used in the Upper Gap column. The default value is black.

BG Color

Select the background color to be used in the Upper Gap column. The default value is light red.

Lower Gap FG Color

Select the foreground color to be used in the Lower Gap column. The default value is black.

BG Color

Select the background color to be used in the Lower Gap column. The default value is light green.

Default FG Color

Select the default foreground color to be used by the watchlist. The default value is black.

BG Color

Select the default background color to be used by the watchlist. The default value is light grey.

Alert Condition FG Color

Select the foreground color to be used to indicate an alert condition in a cell. The default is white.

Activity Monitor

The following parameters pertain specifically the display of values in the Activity column.

Low Activity Color

Select the background color to be used to indicate low activity. The default is yellow.

Average Activity Color

Select the background color to be used to indicate average activity. The default is green.

High Activity Color

Select the background color to be used to indicate high activity. The default is lime.

Very High Activity Color

Select the background color to be used to indicate very high activity. The default is red.

Foreground Color

Select the foreground color to be used in the Activity column. The default value is black.

Alert Options

The following parameters pertain specifically to alert generation.

Do Trendline Alerts?

Check this box if you want alerts generated based on trend lines. The default is checked (true).

Do S/R Level Alerts?

Check this box if you want alerts generated based on S/R zones. The default is checked (true).

Do Gap Alerts?

Check this box if you want alerts generated based on Gap zones. The default is unchecked (false).

Use Sound Alerts?

Check this box if you want audible alerts generated. The default is checked (true).

Use Pop-up Alerts?

Check this box if you want pop-up alerts generated. The default is checked (true).

Use Email Alerts?

Check this box if you want email alerts generated. Note that this option only pertains to the indicator when it is run in a chart. Email alerts are not allowed from within a watchlist. The default is unchecked (false).

Upper Trendline Alert WAV File

Input the file name of the WAV file to be used when an alert is generated based on a upper trend line. Only applies if Use Sound Alerts? is checked. The default value is DING.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\

Lower Trendline Alert WAV File

Input the file name of the WAV file to be used when an alert is generated based on a lower trend line. Only applies if Use Sound Alerts? is checked. The default value is BOING.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\

S/R Level Alert WAV File

Input the file name of the WAV file to be used when an alert is generated based on a S/R zone. Only applies if Use Sound Alerts? is checked. The default value is CHIMES.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\

Gap Level Alert WAV File

Input the file name of the WAV file to be used when an alert is generated based on a Gap zone. Only applies if Use Sound Alerts? is checked. The default value is BUZZ.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\