Support Resistance Algorithm - Technical analysis

Question

I have an intra-day chart and I am trying to figure out how to calculate support and resistance levels, anyone knows an algorithm for doing that, or a good starting point?

Answer 1

Interpretations of Support & Resistance levels is very subjective. A lot of people do it different ways. […] When I am evaluating S&R from the charts, I am looking for two primary things:

• Bounce off - There needs to be a visible departure (bounce off) from the horizontal line which is perceived to define the level of support or resistance.

• Multiple touches - A single touch turning point is not sufficient to indicate establish support or resistance levels. Multiple touches to the same approximately level should be present, such that a horizontal line could be drawn through those turning points.