PIVOT, SUPPORT AND RESISTANCES
"MTI Charting" can draw the traditional daily pivot lines in any intraday chart.
The next picture shows the S&P
Mini 1 minute/10 minutes/Daily chart, we are in there using the indicator
Pivot/Sup/Res for the highest period in this case the daily data. The
horizontal lines are the daily pivot, support and resistance, note they are
plotted for the complete day. These are the traditional pivot, support and
resistance calculations ( red, cyan and green lines) plus other 2 (magenta
and blue lines).
The next chart shows the same S&P Mini, now with a 81 minutes/Daily/Weekly chart. The supports are now calculated to the next time frame of the chart (the daily), but the value for the lines are the same.
The calculation of these lines are
Pivot = (H + L + C)/3, not we have an option to change the pivot to use (O + H + L) where O is the open of the current period.
Support 1 = Pivot * 2 - High
Resistance 1 = Pivot *2 - Low
Support 2 = Pivot - Resistance 1 + Support 1
Resistance 2 = Pivot + Resistance 1 - Support 1
Support 3 = Pivot - Resistance 2 + Support 1
Resistance 3 = Pivot + Resistance 2 - Support 1
Support 4 = Pivot - Resistance 2 + Support 2
Resistance 4 = Pivot + Resistance 2 - Support 2