Demark pivot point, support and resistance level

Another way to identify the support and resistance you can use Demark pivot points. It was created by the Tom Demark, he is one of the famous technical analyst, you can find many information about him on the internet.

Here is the formula: The value of X in the formula below depends on where the Close of the market is. If Close < Open then X = (H + (L * 2) + C) If Close > Open then X = ((H * 2) + L + C) If Close = Open then X = (H + L + (C * 2)) R1 = X / 2 - L PP = X / 4 (this is not an official DeMark number but merely a reference point based on the calculation of X) S1 = X / 2 - H

You can get the indicator in here: Demarkpivotpoint.mq4