The AIQ code for this month is based on Sylvain Vervoort’s article in this issue, “Price Projections,” which is part 5 of his ongoing series on exploring charting techniques in Stocks & Commodities magazine. The AIQ code and EDS file can be downloaded from www.TradersEdgeSystems.com/traderstips.htm.

The code runs on daily bars only and computes the various support & resistance levels for the next day’s intraday trading. The levels cannot be plotted on the real-time alerts chart.

In Figure 6, I show a report that was run on the major indexes for 9/10/2014.

The code is as follows:

!PRICE PROJECTIONS
!Author: Sylvain Vervoort, TASC Nov 2014
!Coded by: Richard Denning 9/10/2014
!www.TradersEdgeSystems.com

C is [close].
H is [high].
L is [low].

!To get next day levels we will be running the report at the end of day
!so prior high will be the current H, etc. The report will give the values for 
!the next day but cannot be ploted on a real time chart since we are using
!daily end of day data to compute the levels.

!THIS CODE RUNS ON DAILY DATA:
P is (H+L+C)/3.
R1 is (2*P) - L.
R2 is P + (H - L).
R3 is (2*P) + (H - (2*L)).
S1 is (2*P) - H.
S2 is P - (H - L).
S3 is (2*P) - ((2*H) - L).

NextDayLevels if C > 0 and H > 0 
 and L > 0 and H - L > 0.