Calculates pivot levels.

Depending on the location of prices relative to these levels, it fills in the histogram. 

Parameter values:

You can choose from different levels. 

• MN1
• W1
• D1
• H12 
• H8 
• H6 
• H4  
• H3
• H2
• H1

Pivot = (high   close   low)/3 
R1 = (2 * Pivot) - low
S1 = (2 * Pivot) - high
R2 = Pivot   (R1 -S1)
R3 = high   (2* (Pivot - low))
S2 = Pivot - (R1 - S1)
S3 = low - (2*(high - Pivot))

If the indicator value is near 0, it means that the price has reached a potential reversal or rebound level.

Formulas:

The horizontal lines in the screenshots of the graph are shown for clarity. The indicator values are calculated from these lines.

This utility was used to draw these lines: