forex - pivot point
Here is the mathematical formula:
P= Pivot point; C= Close: H= High: and L= Low.
The Pivot point number is the high, low, close added up and then divided by three.
P=(H+L+C)/3= pivot point
First resistance level take the pivot point number times two and then subtract the low.
(Px2)-L= Resistance 1
Second resistance, take the pivot point number add the high and then subtract the low.
P+H-L= Resistance 2
First support take the pivot point number times two and then subtract the high.
(Px2)-H =Support 1
For the second support, take the pivot point number subtract the high and then add the low.
P-H+L= Support 2
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