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");