Pivot Point Support and Resistance Indicator
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An Indicator that calculates the Pivot Point line,
along with the 2 levels of support and resistance lines, known as S1, S2, R1, R2 respectively.
The formulas for calculation are as follows:
Pivot point (PP) = (High + Low + Close) / 3
First level support and resistance:
First resistance (R1) = (2 x PP) – Low
First support (S1) = (2 x PP) – High
Second level of support and resistance:
Second resistance (R2) = PP + (High – Low)
Second support (S2) = PP – (High – Low)
The trader can adjust the number called pivot_timeframe to adjust which timeframe is calculated and
shown on the charts.
The number is the timeframe expressed as number of minutes.
1 min: 1
5 min: 5
15 min: 15
30 min: 30
1 hour: 60
4 hour: 240
1 day: 1440
1 week: 10080
1 month: 43200
