MT4-Pivot Point Support and Resistance Indicator

An Indicator that calculates the Pivot Point line,

along with the 2 levels of support and resistance lines, known as S1, S2, R1, R2 respectively.

The formulas for calculation are as follows:

Pivot point (PP) = (High + Low + Close) / 3

First level support and resistance:

First resistance (R1) = (2 x PP) – Low

First support (S1) = (2 x PP) – High

Second level of support and resistance:

Second resistance (R2) = PP + (High – Low)

Second support (S2) = PP – (High – Low)

The trader can adjust the number called pivot_timeframe to adjust which timeframe is calculated and

shown on the charts.

The number is the timeframe expressed as number of minutes.

1 min: 1

5 min: 5

15 min: 15

30 min: 30

1 hour: 60

4 hour: 240

1 day: 1440

1 week: 10080

1 month: 43200

更多...