All pivots is a set of custom indicators to automatically calculate and show pivot support and resistance levels for metatrader 4 platform. It calulate the next pivot levels:
1. Daily pivots. Works with timeframe up to H4. 2. Weekly pivots. Works with timeframe up to D1; 3. Monthly pivots. Works with timeframe up to W1; 4. Yearly pivots. Works with timeframe up to MN1;
Each particular indicator consist of two indicators: 1. Main, that calculate the one pivot level and main 6 support and resistance levels â P, S1, S2, S3, R1, R2, R3; 2. Middle, that claculate one pivot and secondary 6 support and resistance levels â P, S0.5, S1.5, S2.5, R0.5, R1.5, R2.5;
The pivot point is the level at which the market direction changes for the day. Using some simple arithmetic and the previous days high, low and close, a series of points are derived. These points can be critical support and resistance levels. The pivot level, support and resistance levels calculated from that are collectively known as pivot levels.
The reason pivot points are so popular is that they are predictive as opposed to lagging. You use the information of the previous day to calculate potential turning points for the day you are about to trade (present day).
Because so many traders follow pivot points you will often find that the market reacts at these levels. This give you an opportunity to trade.
All pivot levels calculates by the next formulas:
Resistance 3 = High + 2*(Pivot - Low) Resistance 2 = Pivot + (R1 - S1) Resistance 1 = 2 * Pivot - Low Pivot Point = ( High + Close + Low )/3 Support 1 = 2 * Pivot - High Support 2 = Pivot - (R1 - S1) Support 3 = Low - 2*(High - Pivot)