Hey traders! Today, we're diving into the i4 Pivot_v1 indicator—a handy tool that can help you make informed decisions in your trading journey.
Understanding i4 Pivot_v1
The i4 Pivot_v1 indicator is all about calculating pivotal points based on the previous day's trading activity. These points can give you insights on potential support and resistance levels, which are crucial for your trading strategy.
Formulas Behind the Indicator
Here’s a quick breakdown of how the calculations work:
- P = (yesterday_high + yesterday_low + yesterday_close + yesterday_close) / 4
- R1 = P + P - yesterday_low
- S1 = P + P - yesterday_high
- R2 = P + yesterday_high - yesterday_low
- S2 = P - yesterday_high + yesterday_low
- R3 = P + P - yesterday_low - yesterday_low + yesterday_high
- S3 = P + P - yesterday_high - yesterday_high + yesterday_low
Visual Aid
To help you get a better grasp of this indicator, check out the visual representation below:
By using the i4 Pivot_v1 indicator, you can enhance your trading strategy by identifying key levels that could impact your trades. So, give it a shot and see how it fits into your trading toolkit!
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