After searching forum, I stumbled upon most S/R indicators but most of them don't state their criteria for making such S/R levels. So I'm left to figure it on my own for each indicator. I need indicator that fulfills the basic criteria of S/R levels:
- Pivot Point (PP) = (Daily High + Daily Low + Close) / 3
- R1 = (2 x Pivot Point) – Daily Low
- R2 = Pivot Point + (Daily High – Daily Low)
- R3 = Daily High + 2 x (Pivot Point – Daily Low)
- S1 = (2 x Pivot Point) – Daily High
- S2 = Pivot Point – (Daily High – Daily Low)
- S3 = Daily Low – 2 x (Daily High – Pivot Point)
- If the period is chosen weekly then replace "daily"s above with "weekly" timeframe, same goes with monthly or H4