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    Pivot Points
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      Pivot Points

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        Article summary

        Pivot Points is an indicator that displays support and resistance levels used to determine overall trend over daily, weekly, or monthly aggregation periods. Pivot Points comprise a base level, which is called Pivot Point (PP), and three resistance and support levels above and below PP. The levels use the following calculations:

        • Resistance Level 3 = Previous Day High +2(Pivot - Previous Day Low)

        • Resistance Level 2 = Pivot + (Resistance Level 1 - Support Level 1)

        • Resistance Level 1 = (Pivot x 2) - Previous Day Low

        • PP = Previous Day (High + Low + Close) / 3

        • Support Level 1 = (Pivot x 2) - Previous Day High

        • Support Level 2 = Pivot - (Resistance Level 1 - Support Level 1)

        • Support Level 3 = Previous Day Low - 2(Previous Day High - PP)

        where:
        PP – Pivot Point


        Pivot Points

        Pivot Points


        INPUTS

        Aggregation

        The following aggregation periods are available for showing the levels:

        • Day. Sets a one-day aggregation period for the indicator.

        • Week. Sets a one-week aggregation period for the indicator.

        • Month. Sets a one-month aggregation period for the indicator.

        Input

        Description

        ShowOnlyLast

        The indicator shows prices for the last aggregation period only

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        Plot

        Description

        R3

        The third resistance level

        R2

        The second resistance level

        R1

        The first resistance level

        PP

        The Pivot Point plot

        S1

        The first support level

        S2

        The second support level

        S3

        The third support level

        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

        To create a custom color:

        1. Clickto open the color picker

        2. By using the slider at the bottom, adjust the main color

        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight

        Change the value (in px) to adjust the thickness of the plot.

        Type

        The following plot types are available:

        • Line. The plot is displayed as a line.

        • Dots. The plot is displayed as a series of dots.

        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.

        • Histogram. The plot is displayed as a histogram.

        • Pivot points. Pivot points are displayed on the plot.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE

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