The Chicago Pivots are generally used by short term day traders. They are composed of 5 lines.
Here is the programming logic:
2nd Resistance = (H+L+C)/3 + Range
1st Resistance = 2 * (H+L+C)/3 – Low
Daily Pivot = (H+L+C)/3
1st Support = 2 * (H+L+C)/3 – High
2nd Support = (H+L+C)/3 – Range
Note: EOD price is used
Example of Chart with a Chicago Pivot study
