Re: Pivot ELA

["kevin shin" <kalalex@xxxxxxxxxxxxx>]

Here's my contribution to the forum.
These are ELA files that draw pivot lines (I think,,Bob calls this classical pivot) on intraday chart.
Sorry,,but only for real-time or delayed data user can find this useful.
Means nothing if you have only daily data.
Formula behind these lines are as follows;

R3=(pivot-S1)+R2
R2=(pivot-S1)+R1
R1=(2*pivot)-previous Low
Pivot=(prev High+prevLow+prevClose)/3
S1=(2*pivot)-prev High
S2=pivot-(R1-S1)
S3=pivot-(R2-S1)

I have to send thanks a local who helped me a lot put this into ELA code.
IF you find any better idea about this(better formula,,better way of use,,etc),,,,let me know.

Regards

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