Amibroker AFL for Daily, Weekly and Montly Pivot levels

Today I am posting a small but very essential Amibroker AFL. By deploying this Amibroker AFL utility, the user can get sufficient knowledge of Daily, Weekly and Monthly Pivot. The calculations are based upon standard classic pivot levels. A monthly pivot normally gives us a vision of what the trend is all about. A weekly pivot shows us the market behavior in the last week. The day pivot gives us some information of the current trend. When we anticipate a trend, it will be helpful how the stock behaved itself in the weekly and monthly mode. Price movements do follow the pivot levels in most of the trading period, which is why pivot levels are important to a trader as a tool of technical analysis.

The Amibroker AFL that has been posted here can be customized to show daily, weekly and monthly pivot. The AFL properties window has settings so that the user can fine tune the AFL.. Using the multiple settings, the user can plot weekly and monthly resistance level and support levels too. While studying the pivots, the chart must also be viewed in the appropriate mode. For example if the monthly resistance and support levels are taken into consideration, the user gets in-depth view of the stock under analysis. I would like to suggest, that if the weekly mode in the AFL is selected, the chart pattern too must be in the weekly mode. The same applies to monthly and daily pivot levels. This way the user can get a clear idea of the price movements.

Pivot levels are ideal for day traders. A day trader needs to know the trend very clearly if he should take a winning call.  Anticipated support and resistance level in advance can be of immense help to a day trader.

The AFL can be downloaded from here

I wish all users of this Amibroker AFL utility every success.