Pivot Panther EA
Principle of operation
The Pivot Panther trades a Breakout of the Pivot Points. He only uses Pending Orders. The Pivot points are calculated for each new Candle. You can choose between 8 different Support and Resisting Levels. The system works best on H4 and D1 Timeframes.
Parameters for the Pivot Point
Level = Choose 1 from 8 different support and resistance level (default is 1)
| Level | support | resistance |
| 1 | S1 | R1 |
| 2 | S2 | R2 |
| 3 | S3 | R3 |
| 4 | M0 | M5 |
| 5 | M1 | M4 |
| 6 | M2 | M3 |
| 7 | L3 | H3 |
| 8 | L4 | H4 |
The Calculation of the Pivot Point Levels
Q = (yesterday high – yesterday low)
P = (yesterday high + yesterday low + yesterday close*2) / 4
R1 = (2*P)-yesterday low
S1 = (2*P)-yesterday high
R2 = P+(yesterday high – yesterday low)
S2 = P-(yesterday high – yesterday low)
R3 = (2*P) +(yesterday high-(2*yesterday low))
S3 = (2*P) -((2* yesterday high)-yesterday low)
H4 = (Q*0.55) +yesterday close
H3 = (Q*0.27) +yesterday close
L3 = yesterday close-(Q*0.27)
L4 = yesterday close-(Q*0.55)
M5 = (R2+R3)/2
M4 = (R1+R2)/2
M3 = (P+R1)/2
M2 = (P+S1)/2
M1 = (S1+S2)/2
M0 = (S2+S3)/2
NOTE:
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