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The indicator displays the support and resistance levels calculated on daily prices.
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Support and resistance levels are calculated by the formulas:
P = (daily_high + daily_low + daily_close + daily_close) / 4;
R1 = P + P - daily_low;
S1 = P + P - daily_high;
R2 = P + daily_high - daily_low;
S2 = P - daily_high + daily_low;
R3 = P + P - daily_low - daily_low + daily_high;
S3 = P + P - daily_high - daily_high + daily_low;
This indicator was first implemented in MQL4 and published in the Code Base at mql4.com on 09.02.2008.
Figure 1. The i4_pivot_v1 indicator
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