Re: [amibroker] Pivot Point

[Peter Carr <pcarr@xxxx>]

Hi Tiziano,

On Thu, 21 Jun 2001 at 14:23:59, Tiziano Fogliata <fogliata@xxxx>
wrote about [amibroker] Pivot Point:

I've written my first indicator using AFL. It draws the pivot point, 
the first and second level of support and resistance. Does someone see 
some mistakes in this formula ?

Thank you for posting your indicator. Interestingly I was also dabbling 
with the Pivot Price formula, but as a Commentary - hadn't thought of 
plotting it as a graph. My knowledge of Pivot Price is limited so I 
would appreciate any contribution you could make.

I notice you posted a correction to your formula for the S2 variable. I 
was wondering your reasons for changing this - your original formula was 
the same as mine, which I obtained from a website (that I cannot 
remember offhand), but I cannot vouch for its accuracy.

If its any use to you, I post my commentary below. It's still at its 
most basic, open to further improvements and some code may need 
adjusting as it was obtained from general newsgroup discussions.


/* Forecasts using Pivot Price
by Peter Carr v0.2 30 May 01
*/

"PIVOT PRICE FORECASTS : "+ fullname() + " [" + name() + "] " + 
date();

Avg = ( High + Low + Close ) / 3 ;
"Average Price = " + WriteVal( Avg ) ;
YLow = REF( Low, -1 ) ;
"Yesterdays Low = " + WriteVal ( YLow ) ;
Diff = Avg - YLow ;
THigh = Diff + Avg ;
"\nForecast High : " + WriteVal( THigh, 3.0 );

Diff = High - Avg ;
TLow = Avg - Diff ;
"Forecast Low : " + WriteVal( TLow, 3.0 ) ;

/* Formula for Pivot Point & Daily Support/Resistance

Pivot point = P = (H + L + C)/3
First area of resistance = R1 = 2P - L
First area of support = S1 = 2P - H
Second area of resistance = R2 = (P -S1) + R1
Second area of support = S2 = P - (R2 - S1)
*/

P = ( H + L + C ) / 3 ;
R1 = 2 * P - L ;
S1 = 2 * P - H ;
R2 = ( P - S1 ) + R1 ;
S2 = P - ( R2 - S1 ) ;

"\n2nd Area of Resistance " + WriteVal( R2, 1.1 ) ;
"1st Area of Resistance " + WriteVal( R1, 1.1 ) ;
"Pivot Point " + WriteVal( P, 1.1 ) ;
"1st Area of Support " + WriteVal( S1, 1.1 ) ;
"2nd Area of Support " + WriteVal( S2, 1.1 );


Peter


--
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Peter Carr
Email: pcarr@xxxx ICQ: 22586379
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