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Camarilla Pivot Points can be displayed on a chart using this drawing tool. By moving the mouse cursor over a chart, this item shows the pivot point, 4 support lines and 4 resistance lines for the selected bar.
The support and resistance pivot points created by the camarilla equation uses the previous bar's close, high and low price. For example, the resistance level 1 or R1 is calculated by multiplying the high minus the low by 1.08 and then adding the result to the close price.
As you move your mouse over a chart, the resistance and support line are redrawn based on the selected bar. The current level of each support and resistance are displayed on the right of the chart.
Resistance lines are shown in green, while support lines are shown in red. The name of each line is displayed next to it. For example: next to the resistance level 1 line, the text "R1" is displayed.
You can easily create other studies such as the classic pivot points, woodie pivot points and Tom DeMark's pivot points. You just need to update the value that is passed to the DrawLine function.
Camarilla Pivot Points can also be used as a trading indicator in order to detect potential supports and resistances and optimize order entries and exists. The indicator can be downloaded here: Camarilla Pivot Points - Supports and Resistances.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
