Metastock Indicator Formula |
Monthly Pviots on Daily Charts |
Pviots has very important role in making trading decisions. It has been observed in experience that longer period pviots works on 80% accurate probabliities.
You obviously thinking about what are pviots?
Pviots are the levels from where the move has option to drive direction of the existing trend. In easy words these levels showed the way for making inference on either side trade signals and this would appears before role reversals for deciding support and resistance levels in particular trends.
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| Formula: |
{Monthly Logic}
x:=DayOfMonth() >= Ref(DayOfMonth() ,1);
x1:=If(x,1,0);
x2:=DayOfMonth() <= Ref(DayOfMonth() ,-1);
{Variable}
x3:=ValueWhen(1,x>0,HighestSince(1,x2 ,HIGH )) ;
x4:=ValueWhen(1,x>0,LowestSince(1,x2 ,LOW )) ;
x5:= ValueWhen(1,x>0,CLOSE) ;
x6:=((x3+x4+x5)/3);
x7:=(x6*1.0025);
x8:=(x6*0.9975);
x7;x6;x8;
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