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Swing Identificator > Pivot Point Levels

Article/Author: "Pivot Pionts", Jayanthi Gopalakrishan, S&C Magazine, Traders Tips, 02/2000

Download: Pivpoint.ela

File Includes:

Indicator - Pivot Point Levels
Function - Pivot Point
Indicator - Pivot Point Average

Category: Swing Identificator > Pivot Point Levels

Description:

Pivot Points are levels of support and resistance used for day trading highly liquid instruments with a large daily range.

The support and resistance levels are calculated using the previous day's prices, and optionally the opening price of the current trading day.

Usage:

Go long if the trend is up and price is turning in an upward direction from the pivot.

Go short if the trend is down and price is turning in a downward direction from the pivot.




Inputs:

Method - The way of pivot calculating:
1: Pivot = (H + L + C)/3
2: Pivot = (H[yesterday] + L[yesterday] + C[yesterday] + Open[today])/4
3: Pivot = (H[yesterday] + L[yesterday] + Open[today])/3
Smooth - number of bars to average.

EasyLanguage Code:
INPUT: METHOD(1);

VARIABLES: PIVOT(0), FIRSTSUPP(0), SECONDSUPP(0), FIRSTRES(0), SECONDRES(0);

PIVOT = PIVOTPOINT(METHOD);

FIRSTSUPP = (2 * PIVOT) - HIGH;
FIRSTRES = (2 * PIVOT) - LOW;
SECONDSUPP = PIVOT - RANGE;
SECONDRES = PIVOT + RANGE;

PLOT1(FIRSTSUPP, "SUPP1");
PLOT2(FIRSTRES, "RES1");
PLOT3(SECONDSUPP, "SUPP2");
PLOT4(SECONDRES, "RES2");