Pivots will install both a Daily Pivots and Weekly Pivots indicator, which are well known and widely used technical analysis tools. These indicators will create a display with all calculated support and resistance values, along with levels on your charts. You will be able to control the colors for the display and each level by changing the inputs.
The calculations of these levels include:
Pivot Point (PP): (High + Low + Close) / 3
First Support (S1): (2 x PP) –High
First Resistance (R1): (2 x PP) –Low
Second Support (S2): PP - ( R1 – S1 )
Second Resistance (R2): PP + (R1 – S1 )
Third Support(S3): (2 x PP )-( (2 x High)–Low )
Third Resistance (R3): (2 x PP )+( High – ( 2 x Low ) )
To apply the indicator on your chart, simply drag and drop the "IBFX – Daily Pivots" from your Navigator's window "Custom indicator" list. You will notice a blue rectangle on the top left corner of the indicator. This is what we call an anchor and was created to allow you to move the display anywhere on your chart. Simply double click on the rectangle and drag and drop it anywhere on your chart. Once the next tick comes in, the indicator display should reposition itself in the right location.
*Please note that in this version of the indicators, the Sunday data is not included.
The pivot values calculated on Monday's uses the data from Friday, NOT Sunday.
Step 1: Download the setup file and double click on it. Follow on screen instructions.
Step 2: Select the tools you would like to install, click next. (Make sure to select your MT4 installation folder).
*This setup will not overwrite any previous version of the tools that was already open source*
*If you want the latest version of the open source tools, make sure to rename or delete them*
IBFX – Daily Pivots.ex4
IBFX – Weekly Pivots.ex4
Last compiled on October 13th, 2009 on MT4 build 225
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