RJT pivot zones
RJT Pivot Zones is a configurable take on the classic pivot points indicator, with selectable styles from Classic, Woody, Camarilla and Fibonacci. It also has the added bonus of a configurable zone size, allowing the zone of the support and resistance to be expanded, or reduced to better help identification of market conditions.
When the price of an asset is trading above the pivot point, it indicates the day is bullish or positive.
When the price of an asset is trading below the pivot point, it indicates the day is bearish or negative.
The indicator includes four additional levels: S1, S2, R1, and R2. These stand for support one and two, and resistance one and two.
Support and resistance one and two may cause reversals, but they may also be used to confirm the trend. For example, if the price is falling and moves below S1, it helps confirm the downtrend and indicate a possible continuation to S2.
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