A algo for pivot points forecast for each bar and its low tf data.
Function
In financial markets, a pivot point is a price level that is used by traders as an indicator of market movement. Pivot points are averaged from important prices (highest, lowest, closing) based on the market performance of the previous time period. There are many ways to calculate the pivot point. The pivot point is calculated using the highest price (H), the lowest price (L) and the closing price (C) of the previous time period, and sometimes the opening price of the current time period Valence (O) was added to it.
S1 yellow S2 white R1 Orange R2 fuchsia The smoothing parameter default to 55
The pivot point indicator can be used in two ways. First, the pivot point can be used as a price trend confirmation. It is generally believed that if the price is above the pivot point in the latter period of time, the market is considered to be in a bull market sentiment, otherwise it is considered to be in a bear market sentiment. Second, support and resistance levels are mainly used as exit positions. For example, R1 and R2 can be used as trade targets if the market price breaks above a pivot point. If the market effectively breaks R1 and R2, traders may consider adding to their long positions.
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면책사항
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