Pivot Point Trader
Pivot Point Trader will show the pivot levels for daily, weekly or monthly charts including the mid pivot levels. Also there is an option to show high, low and close levels of the previous day, week or month for if we want these levels instead.
The pivots are based on the basic pivot calculation:
- Resistance Level R3: R1 + (High - Low)
- Resistance Level R2: Pivot + (High - Low)
- Resistance Level R1: 2 x Pivot - Low
- PIVOT: (High + Low + Close) / 3
- S1: 2 x Pivot - High
- S2: Pivot - (High - Low)
- S3: S1 - (High - Low)
Price will always react to these pivot levels because they are often used by traders as important decision points. This can clearly be seen when we apply this indicator to any chart. Often price will react at these pivot levels. Because of these reactions we can anticipate exits or reversal trades.
- Choice of 4 Hour, Daily, Weekly or Monthly pivots. Including a choice of Yesterday's High, Low Close levels.
- Switch between either pivots based on market open and close price action or 24 hours of price action.
- Choose your pivot line color.
- Switch between pivots or previous high, low or close levels.
- Pivot levels apply to all markets.
- OpenClosePivots - If true pivots are based on the open and close times of market. These open and close times should be input under Pivot Start & End. If false pivots are based on the previous days 00:00 and current day 00:00.
- YesterdayHiLoClose - If true then 3 lines are drawn based on yesterday's High, Low and Close of market. Automatically this is based on the market open and close times. Pivots are automatically switched of if true.
- startHr - Start hour For if pivots are based on market open and close.
- startMin - Start Minute
- endHr - End Hour
- endMinute - End Minute
- PivotClolor - Set the pivot lines to the color that suits your chart.
- PivotLength - FourHr for pivots to be based on previous 4 hours, Daily for our level to be set from yesterdays prices. Weekly fo set from previous weeks prices. Monthly to set from previous months prices.