In this blog I would like to introduce you some custom indicators for trading platform MetaTrader 4.
Let me begin from Pivot Points indicator
Technical analysis
Pivot Points is technical indicator derived by calculating the numerical average of a particular stock's high, low and closing prices.
The pivot point is used as a predictive indicator. If the following day's market price falls below the pivot point, it may be used as a new resistance level. Conversely, if the market price rises above the pivot point, it may act as the new support level.
Formula:
Pivot Level P = (H + L + C) / 3 , Then Resistance1 R1 = 2P -L ,
Support S1 = 2P - H, Resistance2 R2 = P +(H - L) , S2 = P - (H - L)
R3 = R1 + (H - L ) , S3 = S1 - (H - L)
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