Pivot Levels (Pivot Points) show us standard information about prices, such as maximum, minimum and close, and uses it to predict possible levels of support and resistance.
View of indicator on the graph:
Calculation of the key level of the PP is calculated according to the following formula:
PP = (H + L + C) / 3
(H) - maximum of the previous day
(L) - minimum of the previous day,
(C) - closing price
Support and resistance levels are calculated as follows:
First support S1 = 2 * PP - High;
The first resistance R1 = 2 * PP - Low;
The second support is S2 = PP - (R1 - S1);
The second resistance R2 = PP + (R1 - S1);
Third support S3 = Low - 2 * (High - PP);
The third resistance R3 = High + 2 * (PP - Low)
To add and configure the indicator, you must open the settings window.
Panel - choose the location of the indicator on the graph:
- New panel.
PP / The key level.
Show value - Displays the value of the indicator on the price scale.
Show zero values - displays zero values.
Scale - if this option is enabled, the scale will automatically be calculated based on the minimum and maximum values of the indicator, in order for the indicator to be placed on the graph.
Color - the color of the line.
Visual type - visual adjustment of the indicator on the graph:
Line style - customize the appearance of the line:
Dash - dot
Dash - dot - dot
Width - adjust the thickness of the indicator line.
Pivot Range - choose timeframe of indicator.
Show description of indicator
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