PIVOT (Pivot Levels)

PIVOT (Pivot Levels) is the only pure Support/Resistance indicator. It allows to draw one Pivot line (on the chart, the label is P), up to four each support and resistance levels (on the chart, the labels are S1, S2, S3, S4 and R1, R2, R3, R4 respectively), and up to six intermediate lines (on the chart, the labels are M0, M1, M2, M3, M4, and M5).

On the following picture, you can see an example of all sorts of lines drawn with the help of the Pivot Levels indicator.



To apply a PIVOT indicator to a chart, a trader needs to follow the procedure common to all Marketscope indicators. For more information, see the Add Indicator article.

During the procedure, a trader can customize an indicator by specifying its parameters in the Properties dialog box. For more information, see the Change Indicator Properties article.

The parameters fall into three groups:

The parameters listed under the Parameters heading are:

The parameters listed under the Style heading besides common Color, Width, Style of four support and four resistance levels as well as six midpoint lines are similar to the Style parameters of the majority of other indicators. The Style parameters unique for the PIVOT indicator are:

Depending on the Calculation mode parameter's value, the indicator's values are calculated using the following formulas:

Classic Pivot:

R4 = PP + R x 3

R3 = PP + R x 2

R2 = PP + R

R1 = PP x 2 - LP

PP = (HPi-1 + LPi-1 + CPi-1) / 3

S1 = PP x 2 - HP

S2 = PP - R

S3 = PP - R x 2

S4 = PP - R x 3

Camarilla:

R4 = PP + R x 1.1 / 2

R3 = PP + R x 1.1 / 4

R2 = PP + R x 1.1 / 6

R1 = PP + R x 1.1 / 12

PP = CPi-1

S1 = PP - R x 1.1 / 12

S2 = PP - R x 1.1 / 6

S3 = PP - R x 1.1 / 4

S4 = PP - R x 1.1 / 2

Woodie:

R4 = HP + (2 x (PP - LP) + R)

R3 = HP + 2 x (PP - LP)

R3 = PP + R

R3 = PP x 2 - LP

PP = (HPi-1 + 2 x OPi-1 + LPi-1) / 4

S1 = PP x 2 - HP

S2 = PP - R

S3 = LP - 2 x (HP - PP)

S4 = LP - (R + 2 x (HP - PP))

Fibonacci:

R4 = PP + 1.618 x (HP - LP)

R3 = PP + 1 x (HP - LP)

R2 = PP + 0.618 x (HP - LP)

R1 = PP + 0.382 x (HP - LP)

PP = (HPi-1 + LPi-1 + CPi-1) / 3

S1 = PP - 0.382 x (HP - LP)

S2 = PP - 0.618 x (HP - LP)

S3 = PP - 1 x (HP - LP)

S4 = PP - x 1.618 x (HP - LP)

Floor:

R4 = 0

R3 = HP + (PP - LP) x 2

R2 = PP + R

R1 = PP x 2 - LP

PP = (HPi-1 + LPi-1 + CPi-1) / 3

S1 = PP x 2 - HP

S2 = PP - R

S3 = LP - (HP - PP) x 2

S4 = 0

Fibonacci Retracement:

R4 = LP + (HP - LP) x 1.272

R3 = LP + (HP - LP)

R2 = LP + (HP - LP) x 0.764

R1 = LP + (HP - LP) x 0.618

PP = (HPi-1 + LPi-1) / 2

S1 = LP + (HP - LP) x 0.618

S2 = PP - 0.618 x (HP - LP)

S3 = PP - 1 x (HP - LP)

S4 = PP - x 1.618 x (HP-LP)

where:
R1,2,3,4 - are resistance levels.
S1,2,3,4 - are support levels.
PPMAi - is the value of the current period being calculated.
PP - is the Pivot Point value.
HPi-1 - is the highest price value of the time frame (specified by the The time frame for pivot parameter) immediately preceding the one being calculated.
LPi-1 - is the lowest price value of the time frame (specified by the The time frame for pivot parameter) immediately preceding the one being calculated.
CPi-1 - is the closing price value of the time frame (specified by the The time frame for pivot parameter) immediately preceding the one being calculated.
OPi-1 - is the opening price value of the time frame (specified by the The time frame for pivot parameter) immediately preceding the one being calculated.
R - is the difference between the highest and lowest price values of the time frame (specified by the The time frame for pivot parameter) immediately preceding the one being calculated.

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