Pivot Point Formula?

E

El Cazador

I have searched everywhere but can't find the formula including Support 3 and Resistance 3 in Pivot Points derived from yesterday's HLC. Can anyone point me to the correct formula? Thanks

~EC
 
Pivot point (P) = (H + L + C) / 3 First resistance level (R1) = (2 *
P) - L First support level (S1) = (2 * P) - H Second resistance level
(R2) = P + (R1 - S1) Second support level (S2) = P - (R1 - S1)

where H, L, C are the previous day's high, low and close,
respectively.

PS Some traders use the open on this as well.


jbarry@proedgeonline.com
 
Thanks for the response but the part I was lacking was the 3rd level of support and resistance. Seems like there is considerable variance in how it is calculated.
 
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