PIVOT = ((HIGH+ LOW + CLOSE) / 3)
Support Line 1 = (PIVOT x 2) - HIGH
Support Line 2 = (PIVOT - HIGH) + LOW
Support Line 3 = LOW - (2 x (HIGH - PIVOT))
Resistance Line 1 = (PIVOT x 2) - LOW
Resistance Line 2 = (PIVOT + HIGH) - LOW
Resistance Line 3 = HIGH + (2 x (PIVOT - LOW))
Note, I have not included the Mid points as yet, but will be working on these within a few weeks.
The only difference between these Pivots and the pre-written one called "Pivots" in NT, is the Support and Resistance lines 3. The S3 and R3 in NT's "Pivots" are far more distance away from the pivots I use based on the calculations above. (I think the "pivots" in NT may be based on the "Classic" formula)
If there are any traders who wish to use Pivots based on the above calculation then just edit lines 144 and 145.
For S3, edit the "Pivots" script at Line 144 to:-
currentLow - 2 * (currentHigh - pp)
And Edit Line 145 for R3 to:-
currentHigh + 2 * (pp - currentLow)
Save it as a name of your choice and press F5 to compile and it should be complete.
I find using the Pivot function in NT very useful indeed. I use ALL the "Pivot Range Types" within the pivot study in different charts.
The 'Monthly' Range I use on my Daily and 240 minute charts; 'Weekly' Range on my 60 minute charts and finally the 'Daily' range for my 15 minute charts or less.
I use "CalcFromIntradayData" for in the PriorDayHLC parameter as I find this works best and is consistant.
On my Daily, 240 and 60 min charts I set the sessions (for Forex markets) at 24 hours, i.e. 00:00 to 00:00. For my 15m (or less charts) I set the sessions to 01:00 to 22:00. (Iam in the UK)
If the trend is UP on the Daily and 240m charts, I then look where prices are in relation to my Pivot on my 60m chart; Here I will look for support on the Pivots or support lines (S1, S2, etc). (Prices can also be supported 'above' resistance lines, ie. R1, R2, etc)
If prices tend to be supported by pivots, or S or R lines (and trendlines also), I will attempt to take Long trades (Buy's) on the lower time frames (eg 15m) providing prices there ALSO find support on the "Daily" Pivots, or R1 or R2 and, in a very strong UP trend, R3.
But however a trader wishes employs pivots, they are an excellent function in NT's platform and accurate no matter what calculation of pivot type one uses.
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