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RFX5 Pivot Points

RFX5 Pivot Points indicator shows the classical and Woodie daily support and resistance levels  with alerting the trader whenever the market price approaching one of these levels. At the beginning of each trading day, the indicator automatically updates the levels and draws the levels on the new day period. The user can set the indicator to pop up an  alert message, an email message and/or a mobile notification whenever the price reaches one of these levels. Additionally, the user can specify in the input settings how much  closeness to the levels should trigger the alerts! The color of all the support and resistance levels are available as the input settings to the trader to adjust according to his/her taste. A common strategy is to open market position whenever the price bounce from these pivot points, which occurs frequently. These levels can also be used as target profit levels for intra-day trading strategies.

Input Parameters

  • Calculation Method: There are two options available: Classical and Woodie. Selecing each, makes the indicator to use the corresponding formula for the calculation of the levels.
  • Depth of Levels (show up to): The user can specify up to which levels of support and resistance he/she wants the indicator to draw on the chart. Options are (S1, R1), (S2, R2) and (S3, R3).
  • Past Periods to Show: A positive integer number (greater than zero) that indicates the number of past days to be used to draw levels on.
  • Resistance3 Color: Color of Resistance level 3.
  • Resistance2 Color: Color of Resistance level 2.
  • Resistance1 Color: Color of Resistance level 1.
  • Pivot Point Color: Color of Pivot Point.
  • Support1 Color: Color of Support level 1.
  • Support2 Color: Color of Support level 2.
  • Support3 Color: Color of Support level 3.
  • Price to Level Distance (points): A positive integer number (could be zero) that indicates at which distance between the current market price and the levels an alert should be triggered.
  • Alert Message?: If true, an alert message will be shown whenever the price meets a level according to above distance.
  • Mobile Notification?: If true, a mobile notification will be sent whenever the price meets a level according to above distance.
  • Email Message?: If true, an email message will be sent whenever the price meets a level according to above distance.
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