Program 78 estimates horizontal support and resistance lines based on the chart’s volume profile. The theory underlying program 78 is that if significant volume has occurred at a specific price level then that level may have some significance as an area of support and/or resistance. Unlike program 56 which analyzes all the bars on a chart (after maxbarsback bars), program 78 only analyzes a user defined number of bars starting from the last completed bar on the chart and counting backwards.
See more details here: https://markplex.com/easylanguage-programs/program-78-price-volume-peaks/
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