New script in FXApps: [Indicator] Pivot Points Plus

Posted By Admin Wednesday, April 30, 2014
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Admin
 Posted Wednesday, April 30, 2014
Administrator

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Pivot Points Plus
(by Marek Vysocky)

http://va112.sysfx.com:8080/images/products/large/Pivot_Points_Plus.gif

Description:
This indicator is improved original Pivot Points standard indicator. There are two changes. As original Pivot Points indicator computes Monday pivot from short time of Sunday trading, the Pivot Points Plus takes as a valid trading day only a day beginning before midday and ending after midday. Second improvement is in reordering of Fibonacci levels.

As original Pivot points computes S/R level this way:
S1 := Pivot - 0.382 * (High - Low);
S2 := Pivot - 0.618 * (High - Low);
S3 := Pivot - (High - Low);
R1 := Pivot +0.382 * (High - Low);
R2 := Pivot +0.618 * (High - Low);
R3 := Pivot + (High - Low);

The Pivot Points Plus computes S/R levels this way
S1 := Pivot - 0.382 * (High - Low);
S2 := Pivot - 0.5 * (High - Low);
S3 := Pivot - 0.618 * (High - Low);
R1 := Pivot +0.382 * (High - Low);
R2 := Pivot +0.5 * (High - Low);
R3 := Pivot +0.618 * (High - Low);

The changes are pertinent to this settings:
Pivot Points Type: Fibonacci
Time Frame: Daily




Best regards

-ACTFX© Forum Administrator
Wednesday, April 30, 2014 by Admin

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