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2013.10.30 11:51
Indicators

i4_pivot_v1 - indicator for MetaTrader 5

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votes: 25

Real author:

goldenlion@ukr.net

The indicator displays the support and resistance levels calculated on daily prices.

Support and resistance levels are calculated by the formulas:

P = (daily_high + daily_low + daily_close + daily_close) / 4;

R1 = P + P - daily_low;
S1 = P + P - daily_high;

R2 = P + daily_high - daily_low;
S2 = P - daily_high + daily_low;

R3 = P + P - daily_low - daily_low + daily_high;
S3 = P + P - daily_high - daily_high + daily_low;

This indicator was first implemented in MQL4 and published in the Code Base at mql4.com on 09.02.2008.

Figure 1. The i4_pivot_v1 indicator

Figure 1. The i4_pivot_v1 indicator

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1902

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