If you're looking to enhance your trading strategy, the PivotPointUniversal indicator for MetaTrader 5 is definitely worth considering. This handy tool plots Pivot levels across all available historical data without relying on any objects, making it a straightforward addition to your trading toolkit.
Understanding Pivot Levels
This indicator supports five different types of Pivot levels and three calculation periods: daily, weekly, and monthly. For daily Pivot levels, you can even adjust the GMT time shift to match your trading needs.
Pivot Calculation Formulas
Here’s a quick overview of the formulas used for calculating the various Pivot levels:
Classic Pivot
PIVOT_CLASSIC
Pivot (P) = (H + L + C) / 3
Resistance (R1) = (2 * P) - L
Support (S1) = (2 * P) - H
R2 = P + H - L
S2 = P - H + L
R3 = H + 2 * (P - L)
S3 = L - 2 * (H - P)
Fibonacci Pivot
PIVOT_FIBONACCI
Pivot (P) = (H + L + C) / 3
Resistance (R1) = P + 0.382(H – L)
Support (S1) = P – 0.382(H – L)
R2 = P + 0.618*(H – L)
S2 = P – 0.618*(H – L)
R3 = H + 1*(H – L)
S3 = L - (H – L)
Demark Pivot
PIVOT_DEMARK
If C < O, then X = H + 2 * L + C;
If C > O, then X = 2 * H + L + C;
If C = O, then X = H + L + 2 * C;
Resistance (R1) = X / 2 - L;
Support (S1) = X / 2 - H
Camarilla Pivot
PIVOT_CAMARILLA
R4 = (H - L) * 1.1 / 2 + C
R3 = (H - L) * 1.1 / 4 + C
R2 = (H - L) * 1.1 / 6 + C
R1 = (H - L) * 1.1 / 12 + C
S1 = C - (H - L) * 1.1 / 12
S2 = C - (H - L) * 1.1 / 6
S3 = C - (H - L) * 1.1 / 4
S4 = C - (H - L) * 1.1 / 2
Woodies Pivot
PIVOT_WOODIES
Pivot (P) = (H + L + 2 * C) / 4
Resistance (R1) = (2 * P) - L
Support (S1) = (2 * P) - H
R2 = P + H - L
S2 = P - H + L
The image above showcases four indicators of PIVOT_CLASSIC with different parameters. Remember, the first parameter (GMT shift) applies only to daily Pivots.
If you spot any errors or have questions, feel free to reach out on our Forum, and we'll make sure to address them. Happy trading!
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