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Indicators

Pivot Oscillator Extended - indicator for MetaTrader 5

Mladen Rakic

Views:
1326
Rating:
votes: 11
Published:
2018.08.07 13:59

Extended version of Pivot Oscillator.

In addition to be able to calculate pivot points as oscillator, 4 ways of calculating pivot points were added:

  • (Previous High + Previous Low + Previous Close)/3
  • (Previous High + Previous Low + Previous Close + Previous Close)/4
  • (Previous High + Previous Low + Previous Close + Open)/4
  • (Previous High + Previous Low + Open + Open)/4

Also added the "alternate way" of calculating pivot support and resistance lines - seems that in a lot of versions the R3 and S3 are calculated differently than the original (it effectively makes it "tighter" than the original) so in this version you can use both ways.

PS: it is a standalone (no need for any other indicator in order to work correctly) multi timeframe indicator too.

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