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Daily Pivots:
{P = Pivot Price}
(H + L + C)/3;
{R1 = 1st Resistance}
(2*((H + L + C)/3))-L;
{S1 = 1st Support}
(2*((H + L + C)/3))-H;
{R2 = 2nd Resistance }
(((H + L + C)/3)-((2*((H + L + C)/3))-H))+((2*((H + L + C)/3))-L);
{S2 = 2nd Support}
((H + L + C)/3)-(((2*((H + L + C)/3))-L)-((2*((H + L + C)/3))-H))
Claud
John Roberts wrote:
Hi
Does any one have a Pivot Point indicator that can place the daily support
and resistance lines any intraday chart
I have MetaStock Pro v9
The intermediate support and resistance lines are ok too. – even preferred
eg R 1.5
Formulas used:Pivot point (High + Low + Close) /3
First resistance level R1 = (2 * pp) - L
First support level S1 = (2 * pp) - H
Second resistance level R2 = pp + (R1 - S1)
Second support level S2 = pp - (R1 - S1)
Third resistance level R3=High+(Pivot-Low)
Third support level S3=Low - 2*(High-Low)
Where H, L, C are the previous day's high, low and close, respectively
Thanks in advance
John Roberts.
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