Guide to Pivot Points: one of TV's greatest free tools
How I use the free Pivot Points indicator.
There is a lot of be said about "Pivots" and a lot of people mean different things with that word.
What I am showing is the ''Old-School'' definition of that term.
Pivots are as simple as this:
(H+L+C)/3 of the previous period = Center Pivot (P) in current period.
The the 'Support' (Sx) and 'Resistance' (Rx) pivots are calculated based on above equation.
There are many variations used these days, but the ''Traditional'' is the first, and I think most commonly used.
What do they tell you?
The seem to make good TARGETS for a move, and often lose energy there.
Many traders will look to take profits at a Pivot, which is obvious in above chart.
I will add updates with more explanations later, after this is up.
There is a lot of be said about "Pivots" and a lot of people mean different things with that word.
What I am showing is the ''Old-School'' definition of that term.
Pivots are as simple as this:
(H+L+C)/3 of the previous period = Center Pivot (P) in current period.
The the 'Support' (Sx) and 'Resistance' (Rx) pivots are calculated based on above equation.
There are many variations used these days, but the ''Traditional'' is the first, and I think most commonly used.
What do they tell you?
The seem to make good TARGETS for a move, and often lose energy there.
Many traders will look to take profits at a Pivot, which is obvious in above chart.
I will add updates with more explanations later, after this is up.
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I have posted another follow up (Chapter 3) here:
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Just posted an Idea with current Pivot status and what Pivot Traders might be thinking:
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I have just posted a current example of a possible Pivot Point Play in XMR/BTC
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Please see the above for a ''Kind of Advanced'' use of the ''Pivot Points Standard'' indicator.