Supported Timeframes:
- Current
- M1
- M5
- M15
- M30
- H1
- H4
- Daily
- Weekly
- Monthly
Formula Breakdown:
Here’s how we calculate the levels:
- Resistance 3: High + 2 * (Pivot - Low)
- Resistance 2: Pivot + (R1 - S1)
- Resistance 1: 2 * Pivot - Low
- Pivot Point: (High + Close + Low) / 3
- Support 1: 2 * Pivot - High
- Support 2: Pivot - (R1 - S1)
- Support 3: Low - 2 * (High - Pivot)
Understanding these calculations can significantly enhance your trading strategy in MetaTrader 4. By keeping an eye on these dynamic pivot points, you can make more informed decisions about your trades.
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