How to Calculate S&R for intraday?

#1

hello everyone,

i wanted to know, which all are the methods used to calculate S&R for intraday ? (crudeoil).

one method i found was to take swing high as R and swing low as S, but for this we need 4-6 months of data and in crudeoil only the active month data is possible, rest of the month there is no activity.
i have seen that people go long if the prices crosses a price determined by R, vice versa for S.

i would be really grateful if you could help me.

regards

#2

I don’t trade commodities but for stocks, in intraday 15 minutes I draw SR lines where there is lot of price action in past.

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#3

hey thanks for your reply,

can you explain more on how you draw those SR lines ?

#4

I think, it is not correct technically to calculate S/R using MCX prices. As crudeoil is not traded only in India and the main exchange is NYMEX for the crude being traded in MCX, it is logical to follow NYMEX/CL data to calculate support and resistance, MCX price doesn’t include the important 3 hours of trading in CL after the close at 23:30/23:55, plus USDINR could distort the actual CL levels.

You can get daily OHLCV data for continuous futures of NYMEX/CL at https://www.quandl.com/data/CHRIS/CME_CL1-Crude-Oil-Futures-Continuous-Contract-1-CL1-Front-Monthcl_sr
S/R calculated for last 30 sessions. Is it what you are looking for?

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#5

Watch this video, explains perfectly how to draw SR lines. https://youtu.be/qm90uTnxY1U

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#6

thanks a lot for telling me this. is there a way from which i can access nymex chart ? so that i can use all my indicators there ?

#7

hey, thanks a lot for your reply.
i watched his video on this and the problem is that crudeoil becomes active only for two months and trading happens only in the last month(expiry month) so i can not zoom out to many candles. all i have is 5-10 days of data

#8

Nymex/CL chart can be accessed through tv, cnbc and other such international sites on markets
https://www.tradingview.com/chart/?symbol=NYMEX%3ACL1!
https://www.tradingview.com/chart/?symbol=FX%3AUSOIL
https://www.cnbc.com/quotes/?symbol=%40CL.1

my suggestion is not to trade MCX/CrudeOiil (based on Nymex chart) when USDINR volatility is high. It’s usually high till 5 pm every day, and during important policy decisions by US Fed or by RBI.

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#9

thanks a lot for this.