DAILY PIVOT POINTS - VertexFX Indicator

Daily Pivot Points is a powerful and handy VertexFX client side VTL indicator that displays the daily Pivot, Support and Resistance levels. This indicator displays the daily Pivot, Support and Resistance levels and is useful in placing stops and breakout levels for intraday trading.

The Pivot value is calculated as the sum of Open (current), High (previous), Low (previous), Close (previous) divided by 4.

The Support is calculated as 2 * Pivot - Low (previous)

The Resistance is calculated as 2 * Pivot - High (previous)

In addition, the indicator displays R1, S1, R2, S2, R3 and S3, as well as intermediate levels between these levels.

P = (O + H + L) / 3

R1 = 2 * P - L

S1 = 2 * P - H

R2 = P + (H - L)

S2 = P - (H - L)

R3 = 2 * P + (H - 2 * L)

S3 = 2 * P - (2 * H - L)

NOTE :

This indicator works only on H4 and lower time-frames.

This indicator does not provide BUY or SELL signals. It must be used with other indicators.