This function is used by floor traders on Chicago Mercantile Exchange to calculate short term support and resistence levels for commodities.
PP = (High + Low + Close) / 3
First Resistence Level = PP * 2 - Yesterday's Low
Second Resistence Level = PP + Yesterday's Range (High - Low)
First Support Level = PP * 2 - Yesterday's High
Second Support Level = PP - Yesterday's Range (High - Low)
Here
is an example of how to construct a Chicago
Floor Trader Pivot Points Trading
System
Parameters:
None
Arguments:
None
Output Indicators:
R1 First Resistance Level
R2 Second Resistance Level
S1 First Support Level
S2 Second Support Level
Example:
These values are usually calculated on the Daily Time Frame
D_CFTPP()_D
This study calculates the 4 CFTPP values on a daily time frame
The output indicators names are appended to the studyname,
that is if the studyname is sn1 then
the outputindicator is
sn1::R1
sn1::R2
sn1::S1
sn1::S2
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