TIL Pivot Points Indicator
Pivot Point – a technical indicator that is widely used by traders to predict large price movements by calculating different levels of support and resistance. Investopediya indicator gives the following definition:
Technical analysis indicator used for determining the general market trend on various timeframes. The very point of pivot (pivot point) is the average of the maximum and minimum prices, as well as the closing price of the previous trading day. The next day trading over a point pivot points to bullish sentiment and trade under the pivot point – to bearish market sentiment.
Analysis of the pivot points is often combined with the calculation of support and resistance levels, such as trend line analysis. When analyzing the first pivot points of support and resistance levels are calculated using the trading range width between the pivot point and the maximum or minimum price of the previous day. Second support and resistance levels are calculated using the complete length of the bar (the distance between the maximum and minimum price) of the previous day.
Indicator TIL Pivot Points uses a system of seven lines:
- Resistance 3 (R3) – point green line
- Resistance 2 (R2) – dot-dashed green line
- Resistance 1 (R1) – dashed green line
- Pivot Point (P) – a solid yellow line
- Support 1 (S1) – dotted red line
- Support 2 (S2) – dash-dotted red line
- Support 3 (S3) – dotted red line
Indicator TIL Pivot Points also allows you to select the initial timeframe, which are calculated pivot points and levels. This can be done by editing the parameter HLC (High, Low and Close). Choose between eleven timeframes:
- NEXT_TIMEFRAME – the default setting. For example, if the current schedule – H4, the pivot point is calculated from the values of D1. However, when you use the monthly chart of the pivot point is also calculated according to the values of MN.
- CURRENT_TIMEFRAME – pivot point is calculated from the values of the current timeframe.
- M1 – the pivot point is calculated by the M1 values.
- M5 – the pivot point is calculated from the values of the M5.
- M15 – the pivot point is calculated from the values of the M15.
- M30 – the pivot point is calculated from the values of the M30.
- H1 – the pivot point is calculated according to the values of H1.
- H4 – the pivot point is calculated from the values of the H4.
- D1 – pivot point is calculated from the values of D1.
- W1 – pivot point is calculated according to the values of W1.
- MN – pivot point is calculated according to the values of MN.
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