BeST Classic Pivot Points

A pivot point and the associated support and resistance levels are often turning points for the direction of price movement in a market.

In an up-trending market, the pivot point and the resistance levels may represent a ceiling level in price above which the uptrend is no longer sustainable and a reversal may occur.In a declining market, a pivot point and the support levels may represent a low price level of stability or a resistance to further decline ( Wikipedia).

• Pivot point (PP) = (High + Low + Close)/3
• First resistance (R1) = (2 x PP) – Low
• First support (S1) = (2 x PP) – High
• Second resistance (R2) = PP + (High – Low)
• Second support (S2) = PP – (High – Low)
• Third resistance (R3) = High + 2(PP – Low)
• Third support (S3) = Low – 2(High – PP)

Input Parameters

• Select Current Day's Rectangle Color – for selecting the color of the Rectangle that includes all the bars of the current day
• Select Current Day's Vertical Line Color - for selecting the color of the Vertical Line that specifies the starting moment of the current day
• Show Sunday Trading Hours – true if on our Chart there are trading bars on some hour of Sunday and false otherwise
• Sunday Trading Start Time – for making input the exact time that trading starts on