PowerStrike is the latest offering by John Slauson, the creator of ICE™ and FIRE™. It is a completely unique MetaStock add-on in that it determines support and resistance based on three phenomena of the market:
- Stock prices are heavily influenced by trading near option strike price levels. These levels greatly influence where important buying and selling occur.
- Support and resistance is based on the concentrated buying and selling of influential traders.
- The human mind gravitates towards memorable, easy-to-remember numbers. These values are typical of option strike prices. Hence many traders' attention is drawn to these numbers providing the potential for even more "concentrated" buying and selling.
About John Slauson
John Slauson literally "wrote the book" on MetaStock. He wrote the documentation for MetaStock software, in his 12 years with MetaStock.
He managed technical support, wrote the documentation for MetaStock software and managed Reuters DataLink. John also developed trading systems for many noted analysts like John Bollinger, John Murphy, Steve Nison, and others.