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"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).
click to enlarge
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.
click to enlarge
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 |
