i4_pivot_v1 - MetaTrader 5 script | Gold EA download - MT4/MT5 resources

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This indicator shows support and resistance levels calculated based on daily prices.

Support and resistance levels are calculated by the following formula:

P = (daily high price + daily low price + daily closing price + daily closing price) / 4;

R1 = P + P - daily lowest price;
S1 = P + P - daily highest price;

R2 = P + daily high price - daily low price;
S2 = P - daily high price + daily low price;

R3 = P + P - daily low price - daily low price + daily high price;
S3 = P + P - daily high price - daily high price + daily low price;

The indicator was first implemented in MQL4 and published in the code base of mql4.com on February 9, 2008.

Figure 1. i4_pivot_v1 indicator

Attachment download

📎 i4_pivot_v1.mq5 (9.42 KB)

Source: MQL5 #1902