Pivot Point Calculator
About Pivot Point Calculator
Forex pivot points are key reference levels used in the forex to determine potential support and resistance areas. These levels are estimated based on the previous day’s high, low, and closing prices. They serve as valuable guides for making trading decisions.
Traders use forex pivot points to determine entry and exit points for their trades. When the price of a pair is approaching a pivot point, it may encounter either support, where it bounces back up, or resistance, where it turns downward. This information helps traders set stop-loss orders and profit targets more effectively.
Forex pivot points come in various forms, including the classic pivot point, Woodie’s pivot point, and Camarilla’s pivot points. Each type offers a different perspective on potential price movements, allowing traders to choose the one that best aligns with their trading strategy.
In summary, forex pivot points are valuable tools that assist traders in navigating the complex world of currency trading by providing clear reference points for analyzing price movements and making informed trading decisions.