PP
Pivot Points
Description
Pivot Points is an indicator that is used to
predict resistance and support levels for a stock. If the market rises to a
resistance pivot (R1, R2 , R3), it might be a turnaround point. If the market
increases above a resistance pivot, that becomes a new support level if the
stock retraces.
Category
Bands Indicators
Parameters
None
Chart Script
Pivot: (HIGH + LOW + CLOSE) / 3;
R1: (2 * Pivot) -
L;
R2: Pivot+ (H - L);
R3: H + 2*(Pivot- L);
S1: (2 * Pivot) -
H;
S2: Pivot- (H - L);
S3: L- 2*(H - Pivot);