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 Multi-Pivot Points indicator (For Metatrader 5)
This Metatrader 5 indicator plots horizontal lines at daily pivot levels R3, R2, R1, Pivot, S1, S2 & S3.
The Pivot Point indicator shows you hourly, weekly or monthly pivot points and support and resistance levels.
The 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 hide/show connecting lines between each day/week/month.
- 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
