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Plots lines at floor trader pivot levels, based on the following formulae:
Resistance Level 3 = R3 = R2 + YestHigh - YestLow
Resistance Level 2 = R2 = PP + YestHigh - YestLow
Resistance Level 1 = R1 = PP * 2 - YestLow
PivotPoint = PP = ( YestHigh + YestLow + YestClose ) / 3
Support Level 1 = S1 = PP * 2 - YestHigh
Support Level 2 = S2 = PP - YestHigh + YestLow
Support Level 3 = S3 = S2 - YestHigh + YestLow
Input specifies whether R3 and S3 are plotted in addition to the 5 lines at PP, S1,
S2, R1, and R2.
}
inputs:
Plot_5or7( 5 ) ; { if 7, adds plots for S3 and R3 to other 5 lines }
variables:
S1( 0 ),
S2( 0 ),
S3( 0 ),
R1( 0 ),
R2( 0 ),
R3( 0 ),
PP( 0 ),
TodaysHigh( 0 ),
YestHigh( 0 ),
TodaysLow( 0 ),
YestLow( 0 ),
TodaysClose( 0 ),
YestClose( 0 ),
Counter( 0 ) ;
if Date <> Date[1] then
begin
{ increment Counter to be sure enough data is processed - see comment below }
Counter = Counter + 1 ;
YestHigh = TodaysHigh ;
YestLow = TodaysLow ;
YestClose = Close[1] ;
TodaysHigh = High ;
TodaysLow = Low ;
PP = ( YestHigh + YestLow + YestClose ) / 3 ;
R1 = PP * 2 - YestLow ;
R2 = PP + YestHigh - YestLow ;
R3 = R2 + YestHigh - YestLow ;
S1 = PP * 2 - YestHigh ;
S2 = PP - YestHigh + YestLow ;
S3 = S2 - YestHigh + YestLow ;
end
else
begin
if High > TodaysHigh then
TodaysHigh = High ;
if Low < TodaysLow then
TodaysLow = Low ;
end ;
if Counter >= 2 and BarType < 3 then { if at least one full day's data has been
processed and chart bar interval is daily, intra-day, or tick bar then plot }
begin
if Plot_5or7 = 7 then
Plot1( R3, "R3" ) ;
Plot2( R2, "R2" ) ;
Plot3( R1, "R1" ) ;
Plot4( PP, "PP" ) ;
Plot5( S1, "S1" ) ;
Plot6( S2, "S2" ) ;
if Plot_5or7 = 7 then
Plot7( S3, "S3" ) ;
end ; |
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