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Joined: 9/26/2005(UTC)
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Location: Houston
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Could someone help me make this indicator? I want a total of 7 horizontal lines derived from the last period.
Pivot = ( High + Close + Low ) / 3
Resistance1 = 2 * Pivot - Low
Support1 = 2 * Pivot - High
Resistance2 = Pivot + (Resistance1 - Support1)
Support2 = Pivot - (Resistance1 - Support1)
Resistance3 = High + 2*(Pivot - Low)
Support3 = Low - 2*(High - Pivot)
Thank you !!!
Steven
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Rank: Advanced Member
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Joined: 1/19/2005(UTC)
Posts: 1,065
Location: Koh Pha-Ngan, Earth
Was thanked: 2 time(s) in 2 post(s)
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Steven, Pivots based on the previous bar (period) don't make that much sense on a chart.
For intraday pivots, one would derive them from the previous daily session's H/L/C. For daily Pivots, I would use weekly HLC values, but some use monthly values. For weekly pivots try monthly HLC values.
Take a look at the Intraday Pivots code and use it as a template for your pivots formula.
jose '-)
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