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BeST Classic Pivot Points

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Published: 19 October 2019

Current version: 1.0

BeST Classic Pivot Points

Name: BeST Classic Pivot Points
Author: Eleni Koulocheri

BeST_ Classic Pivot Points is an MT4 Indicator that is based on the widely known and definitely classic Pivot Point of a market prices activity.

A pivot point is calculated as an average of significant prices (high,low,close) from the performance of a market in the prior trading period. If the market in the following period trades above the pivot point it is usually evaluated as a bullish sentiment, whereas trading below the pivot point is seen as bearish.

A pivot point and the associated support and resistance levels are often turning points for the direction of price movement in a market.

In an up-trending market, the pivot point and the resistance levels may represent a ceiling level in price above which the uptrend is no longer sustainable and a reversal may occur.In a declining market, a pivot point and the support levels may represent a low price level of stability or a resistance to further decline ( Wikipedia).

The calculation for a PP and its associated S & R levels is shown below:

Pivot point (PP) = (High + Low + Close)/3
First resistance (R1) = (2 x PP) – Low
First support (S1) = (2 x PP) – High
Second resistance (R2) = PP + (High – Low)
Second support (S2) = PP – (High – Low)
Third resistance (R3) = High + 2(PP – Low)
Third support (S3) = Low – 2(High – PP)

Trading with pivot points is the ultimate support and resistance strategy.It takes away the subjectivity involved with manually plotting S and R levels.

Input Parameters

Basic Settings

Select Current Day's Rectangle Color – for selecting the color of the Rectangle that includes all the bars of the current day
Select Current Day's Vertical Line Color - for selecting the color of the Vertical Line that specifies the starting moment of the current day
Show Sunday Trading Hours – true if on our Chart there are trading bars on some hour of Sunday and false otherwise
Sunday Trading Start Time – for making input the exact time that trading starts on

Pivots Settings

For selecting the color, style and size of drawn lines and text.

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