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Daily Pivot Formulas for Support and Resistance Levels

Article MQL5 code base
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Summary

The document describes an MT4 indicator that plots daily pivot, support, and resistance levels while allowing it to be attached to charts from M1 through H4. Its settings offer five calculation choices: Standard, Fibonacci, Camarilla, Woodie, and DeMark, along with controls for line visibility, colors, and desktop or mobile alerts.

The description says the indicator uses daily data regardless of the chart timeframe. It provides configuration and installation information, but gives no equations for the pivot methods, examples of calculated levels, performance measurements, or trading results. Claims about low lag and low CPU use are not supported with evidence in the text. Traders should treat the levels as reference points rather than validated signals, since the document does not explain how to enter, exit, or manage risk around them.

Key ideas

  • The indicator calculates daily pivot, support, and resistance levels.
  • It offers Standard, Fibonacci, Camarilla, Woodie, and DeMark calculation methods.
  • The displayed levels are based on daily data even when used on a lower timeframe chart.
  • Settings include line display, colors, and alert options.
  • The document provides no backtest, formula details, or evidence that the levels predict price behavior.

Tags

Technical indicators

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.