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Einstein Pivot Point

Introduction

Trading requires reference points (support and resistance), which are used to determine when to enter the market, place stops and take profits. Support and resistance lines tends to work better in FX because the large size of the market guards against market manipulation.

About the Einstein pivot point


The Einstein pivot point indicator shows you hourly, weekly or monthly pivot points and support and resistance levels.

You can choose 3 different formula for the support and resistance levels (Classic Formula, Woodie Pivot Points and Fibonacci Pivot Points).

Features:

  • Ability to select any pivot type e.g. Classic, Fibonacci and Woodies.

  • Ability to select the period e.g. Daily Pivot, Weekly Pivot and Monthly Pivot.

  • Ability to change color for all labels.


The formulas in detail


PIVOT_CLASSIC

Pivot (P) = (H + L + C) / 3

Resistance (R1) = (2 * P) – L Support (S1) = (2 * P) – H

R2 = P + H – L S2 = P – H + L

R3 = H + 2 * (P – L) S3 = L – 2 * (H – P)



PIVOT_FIBONACCI

Pivot (P) = (H + L + C) / 3

Resistance (R1) = P + 0.382(H – L) Support (S1) = P – 0.382(H – L)

R2 = P + 0.618*(H – L) S2 = P – 0.618*(H – L)

R3 = H + *(H – L) S3 = L – (H – L)



PIVOT_WOODIES

Pivot (P) = (H + L + 2 X C) / 4

Resistance (R1) = (2 X P) – L Support (S1) = (2 X P) – H

R2 = P + H – L S2 = P – H + L




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