Daily pivot forex indicator

Daily Pivot Points shifted for different day start time - indicator for MetaTrader 4.

This indicator plots horizontal lines at daily pivot levels R3, R2, R1, Pivot, S1, S2 & S3, using a day that is advanced (or retarded) from the server time (called Pivot Day). You can see in the illustration, that the pivot lines start earlier than the server time days (except for the most recent day, because it was a weekend).

The only input is the integer "ShiftHrs", which gives the number of hours to advance the pivot day. A negative value delays the day for pivot calculation. For example, if your server is on New York time (GMT-5) and you want pivot points in London time (GMT), then ShiftHrs is set to +5 (the default in the code).

Saturday and Sunday trading is not ignored (after all it was real trading). If the pivot day shift results in data appearing on Saturday, it was really Friday where it occured, so the indicator treats it as part of Friday. If the pivot day shift results in data appearing on Sunday, it was really Monday where it occured, so the indicator treats it as Monday.

It uses an indicator buffer for each line, so pivot levels of previous days remain visible. (This has a negative consequence: it is not possible to use the same technique to draw additional intermediate levels (S0.5, S1.5, etc.) because of the limit of 8 buffers.)

Labels are shown for the most recent day's levels.

This indicator can be applied to any chart period, although daily pivots on charts with long periods are meaningless.

The formulae for the caluclations are:

Pivot = ( High + Low + Close ) / 3.

Range = High - Low.

Resistance1 = 2 * Pivot - Low.

Resistance2 = Pivot + Range.

Resistance3 = Resistance1 + Range.

Support1 = 2 * Pivot - High.

Support2 = Pivot - Range.

Support3 = Support1 - Range.

2009.07.02 Note that I have corrected the calculations for Resistance3 and Support3 in line with the post by substanz. Sorry for the mistake :-(

Pivot Points data provided by IG.

Pivot Points are widely used by day traders to quickly determine where forex market sentiment may change between bullish and bearish. Pivot Points are also commonly used to find likely Support and Resistance levels.

Pivot Points are calculated using the Open, High, Low, and Close prices for the previous period. So, today's Pivot Points use yesterday's Open, High, Low, and Close values. The Trading Day begins and ends at 5pm New York Time. DailyFX shows Classical, Camarilla, and Woodie's Pivot Points.

Sentiment data provided by IG.

Past performance is no indication of future results.

DailyFX is the news and education website of IG Group.

Daily Pivot Points Forex Indicator.

This indicator draws the daily pivot point on any forex chart. Technical traders look to buy above the daily pivot(PP) and look to sell below the daily pivot point.

Price above daily pivot (bullish): Look for buy signals.

Price below daily pivot (bearish): look for sell signals.

Tip: Use pivot points in conjunction with a trading system in order to determine the best entry points. Ignore sell signals above the daily pivot point, ignore buy signals below the daily pivot point.

Currency pairs: any.

Preferred Time frames: up to the 4 hour chart.

Configurable Indicator Options.

Colors, Days, Draw…

GBP/USD Hourly Chart Example.

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Daily Pivot.

Daily Pivot Forex Indicator for Metatrader comes free of charge Instead of a single penny was paid, to get the Daily Pivot indicator. With that, we are sure that Foreign exchange indicator is very for free.

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