Support and Resistance - help please!

[engrled]

Dear Admins,

I want to implement a strategy in where it will determine the next support or resistance price level using the past 2 highs as resistance or 2 lows as support levels. As shown in the image below, it is divided by two parts. Assuming the vertical line is the present price level as well as considering the resistance point A and point B, how can I determine the price level at point C?

Thanks Advance...

[engrled]

I have tried to search for any example of drawing "Trendline By Angle" but couldn't find any. I think the issue I have brought up is related to "Trendline By Angle" object and hope someone could give me a sample configuration.

Thanks!

[fxDreema]

I don't know, this looks to be like a job for some indicator, because normally indicators are those programs that make calculations and produce signals, while EAs are mostly taking those signals and creating/closing trades and orders.

Once I tried to write some code to automatically put trend lines like that and possibly get some signals from that, but it was a little bit complicated to me and I abandoned it I still have this idea, because I think that trendlines are something very common in trading, but I don't know how to do it best. I guess there are indicators out there, for example I remember some by name TrueTL. I never tested it, I only remember it as a name and that it does something with trend lines.

[engrled]

Thanks for the reply. I am trying to come up with this TrendLine configuration attached below.
How can I configure the Resistance and Support Trendlines using Equidistant Channel? The Trendline shown is the result of the attached configuration.

[engrled]

Sorry my bad. I didn't notice the Draw Channel object. Thanks!