This indicator shows the most relevant price levels for the day. It's calculation is based on the previous day's High, Low and Close prices. Usually, price rotates about the pivot and this means that price is attracted to the pivot. Consequently, if price opens above the pivot, it is most probable that there will be a price movement in the downward direction and so if with the use of other oscillatory indicators, we can adjudge that there will be a favorable sell direction. The opposite is true for the buy direction.

Input Parameter

• Count Bars - This is the number of bars in the history of which calculation is based upon. We do not need to change this setting as all we need is the price level values for the day.