Pivot Points are a means of approximating support or resistance levels. This Pivot Points indicator is designed to be used on a Daily Chart.
Pane: Overlay
Formula: Previous Days High, Low, and Close values are used to calculate Today's Pivot Point Levels
R2 = PIVOT + (High - Low) = PIVOT + (R1 - S1)
R1 = (PIVOT x 2) - Low
PIVOT = (High + Low + Close) / 3
S1 = (PIVOT x 2) - High
S2 = PIVOT - (High - Low) = PIVOT - (R1 - S1)
Properties:
Input: The Symbol field on which the study will be calculated.
High: Field used in calculations for High. Default is High.
Low: Field used in calculations for Low. Default is Low.
Close: Field used in calculations for Close. Default is Close.
PivDispl: Displacement for plot placement. Default is 1, which projects the study values 1 bar into the future.
PIVOT: The color, line style and line width of the PIVOT plot.
S1: The color, line style and line width of the S1 plot.
S2: The color, line style and line width of the S2 plot.
R1: The color, line style and line width of the R1 plot.
R2: The color, line style and line width of the R2 plot.