The indicator plots Pivot levels for all the available history. It doesn't uses any objects.
There are 5 variants of Pivot levels is supported. There are 3 calculation periods: daily, weekly, monthly. For the daily pivot levels it's possible to specify the GMT time shift.
The formulae, used for the calculation, are:
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_DEMARK
If C < O Then X = H + 2 * L + C;
If C > O Then X = 2 * H + L + C;
If C = O Then X = H + L + 2 * C;
Resistance (R1) = X / 2 - L; Support (S1) = X / 2 - H
PIVOT_CAMARILLA
R4 = (H - L) X 1.1 / 2 + C R3 = (H - L) X 1.1 / 4 + C R2 = (H - L) X 1.1 / 6 + C R1 = (H - L) X 1.1 / 12 + C
S1 = C - (H - L) X 1.1 / 12 S2 = C - (H - L) X 1.1 / 6 S3 = C - (H - L) X 1.1 / 4 S4 = C - (H - L) X 1.1 / 2
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
At the image there are 4 indicators of PIVOT_CLASSIC with the different parameters are presented. The first parameter (GMT shift) is actual for the daily Pivots only.
If you have found any errors, please report at Forum and we will fix them ;)
