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Pivot indicator works well, need explanation based on code
I just found a site that hasn't been updated in a while but had an interesting pivot indicator I wanted to check out. I threw it up on a few charts and it seems to work really well for futures but not so much for stocks. It looks like it calculates the previous days high and low as well as the over night high and low and creates pivots based on those (although it doesn't seem exact). That's just from looking though. I attempted to decipher some of the code, but I have zero knowledge there. I'd really appreciate if someone could explain to me exactly what this indicator does based on the code which you can find here...