Introducing auto support-resistance intraday scans

Introducing Auto-Support/Resistance

Intraday Scans

Himanshu Patil email : hpatil@investarindia.com twitter : himanshugpatil

reproduced without permission

Importance of various tools

Support, Resistance & Trendlines Technical Indicators Japanese Candlesticks

MORE IMPORTANT

LESS IMPORTANT

Auto-Support/Resistance (Auto-SR)

What we had before– Daily and EOD Auto-SR scans– Auto-SR drawn in all timeframes

What we have just introduced in the new Beta– Auto-SR scans now supported in all timeframes

(down to 1-min)– Scan supported for Partial candles also (makes

finding breakouts much timely even for intraday traders)

– EOD timeframe is Daily timeframe updated at EOD

Partial/Full Candle Scans What are partial and full candles? E.g., 5-min timeframe chart:

– At 10:17 am, the last candle contains only 2 minutes of data, hence we call it partial

– The candle will become “full” only at 10:20 am. Till now all scans were full candle

based, except Daily for which we had EOD and Daily timeframe scans (updated every 1 min)

Partial/Full Candle Scans All timeframe scans can be updated

– Every 1-min (i.e. for partial candle)– At every full candle

E.g., 3-min timeframe scan can update– every 1 min (Partial Candle)– every 3-min (Full Candle)

Scan Alerts are generated on partial or full candle– Either first time in a partial candle– At end of every full candle (just like in

Investar 5.1 today)

Partial/Full Scan Alerts

Partial/Full Scan Alerts E.g., 5-min timeframe

– Set support/resistance breakout scan alert at 10:10 am

– Breakout happens at 10:17 am– If update frequency is:

1-min (partial candle), scan alert will be generated at 10:17 am

5-min (full candle), scan alert will be generated at 10:20 am

Determining the Strength of a Trendline or

Support/Resistance How many peaks or troughs does it touch?– The more the touches, the stronger it is.

At what angle is the trendline?– The flatter the trendline the stronger it is.

Volume accompanied by trendline break?– The stronger the volume, stronger is the

trendline. How recent are the touches on the

trendline?– The more recent the touches the stronger it is.

Technologies May not be reproduced without permission

Using Resistance & Support for Buying

Resistance

Support

Break of Resistance Close to Support

At start of new uptrend In a sideways trend

Using Resistance & Support for Selling

Support

Resistance

Break of Support Close to Resistance

At start of new downtrend In a sideways trend

Auto-Support/Resistance Investar automatically draws the

automatic support/resistance levels and rates them based on:– No of touches– Recency– Length

Auto-SR Top 20 %ile - Very Strong

Support/Resistance Next 20 %ile - Strong Support/Resistance and so on…

Tips for using Auto-SR Keep the default settings – scans are done

using the default settings Make sure your chart duration has the

number of bars that you have selected in Tools->Options. E.g., if you have 240, then you should have at least a one year duration.

Risk/Reward Ratio 1:3 is a good risk reward ratio. Risk: maximum loss you can have. Reward: maximum profit you can

have.– long trades:

Profit = (nearest resistance – close) Risk = Stop Loss (LT: 10%, ST: 5%, Intra:

0.5%)– short trades:

Profit = (close – nearest support) Risk = Stop Loss (LT: 10%, ST: 5%, Intra:

Stop Loss Strategies Stop Losses are put based on type of

trader:– Long-Term Trader: 10%– Short-Term Trader: 5%– Intraday Trader: 0.5%

What timeframes to use? Long-Term Traders (Holding Period > 6 mos)

– Use Daily and Weekly charts. Short-Term Trader (few days < Holding Period <

3 wks)– Use Daily and 1-hr charts

Intra-Day Trader (Holding Period < 1 day)– Use 1-hr and 15-min OR– 30-min and 5-min OR– 15-min and 3-min

Auto-Support/Resistance Scans

Crossing Support/Resistance Support/Resistance Breakouts High Risk/Reward Ratio (Risk/Reward ratio

> 3) Near Support or Resistance (within 0.5% of

support or resistance)

Interesting Composite Scans High Volume Breakout:

– Strong Resistance Breakouts– Volume Gainers

Buying with a High Risk/Reward Ratio– Near Strong Support– High Risk/Reward Ratio – for buying

How can I get this feature? Its in Investar Beta Investar Beta can run

simultaneously with Investar 5.1

Future WebinarsSupport/Resistance Strategies

(TBD)Basics of Technical Analysis (16th

Support/Resistance Strategies

Support/Resistance Strategies (28th Jan, 2016 – Sign up here) – Pivot Levels– Gap Up/Gap Down– Fibonacci Retracements– Auto-Support/Resistance

Liked Auto-Support/Resistance?

Follow us on twitter:@himanshugpatil@investarindia Tweet with hashtag #AutoSR

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