Live Pivot Point
About Live Pivot Point Indicator
The "Live Pivot Point" indicator is market movement indicator that calculates the "Pivot Point" value and the associated support and resistance levels.
A pivot point is calculated as an average of significant prices (high, low, close) from the performance of a market in the prior trading period. If the market in the following period trades above the pivot point it is usually evaluated as a bullish sentiment, whereas trading below the pivot point is seen as bearish.
For more information about pivot point, you may have a look at the http://en.wikipedia.org/wiki/Pivot_point page.
Customizable Live Pivot Point Parameters
Live Pivot Point indicator is an extended pivot point indicator which is very flexible and customizable. The major customizable parameters are:
- You may easily customize the colors and line styles/widths of the pivot point and the resistance/support levels.
- You may define the specific timeframe or period of rates to calculate the pivot point and the associated levels. For example, H1, H4, D1, etc.
- You may define the risk level during the calculation. We'll use Golden Section parameters to handle the risk definitions.