HI,
today I want to give my small contribution to this forum: as I have already said several times, I don't know the programming language and therefore I created this excel sheet to make it available to everyone.
Thomas DeMark's trend factors
his work:0.618-0.382=0.236
0.236/4=0.059
(copied from the web) for many years using this number in practice to calculate levels of support and resistance, he came to the conclusion that the most frequent ratio that occurs in trading is 0.0556. Therefore, when calculating the resistance levels, an upward percentage of 0.0556 * 100% = 5.56% is used. When calculating the support levels, a downward percentage of 100% - 5.56% = 94.44% is used to analyze micro-movements or prices whose count goes more than two digits after the decimal point, DeMark suggests using a coefficient with a shifted decimal point, i.e. 0.556% and 99.444%, respectively.
I preferred to decrease these ratios by dividing them again by 2 thus obtaining 0.0278 and 0.0139
you can start the levels from the low/high or from the closing of the bar according to Demark's explanations
I think it is a valid tool to determine supports and resistances to combine with pivots or fibonacci levels to increase the odds
Thomas DeMark's trend factors
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