The FX Daily Pivot Points indicator calculates and draws pivot points (PP) on the chart and is for FX markets. PP are based on the start time input into the indicator.
PP and S1, S2, S3, R1, R2, R3 are drawn on the chart for the current day with an option to plot for additional days into the past.
Pivot points (PP) are a common indicator used by traders and are worked out from the previous day’s HLC prices.
They are used to predict support and resistance levels in the current or upcoming trading session. Support and resistance levels are key levels for trade analysis and management (entry, exit and risk levels).
As FX markets are 24 hours, PP are best calculated using a fixed close time each day. This indicator is useful as it allows you to enter a single reference time and then automatically calculates and plots the PP on the charts for you.
For full indicator details and inputs visit the indicator page HERE.
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