Weekly Pivot Levels from Candle Size
Summary
The document describes a weekly chart indicator that marks reversal points and plots an average purple line as the weekly pivot. It says support and resistance levels are determined from the size of the weekly candlesticks, but does not explain the calculation or how to interpret each level as a trading signal.
The text notes that the indicator was first implemented in MQL4 and published in 2007. It provides no performance evidence, parameter settings, or rules for entering and exiting trades. Readers would need the indicator itself or further documentation to assess its formulas and test whether its levels are useful across markets or time periods.
Key ideas
- The indicator plots reversal points on weekly candlesticks.
- Its average purple line represents the weekly pivot.
- Support and resistance levels are based on candlestick size.
- The document gives no formula or performance evidence for the indicator.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.