PIVOT POINTS for resistance and support of a particular stock:
Keep in mind that pivot points are short-term, over-night trend indicators, useful for only one day at a time. They need to be recalculated every day using the changing price movement.
When you are coming in with a bunch of calls, you need to study the historical data for each stock, determin the direction of the trend, it’s strength, buying interest, liquidity, historical supports and resistances (which the pivots R1 S1 etc do not povide), etc etc…For each of the above there is a combination of indicators that need to be studied, compared and analysed, entry and exit levels determined, and in a progressing trade, trailing stops need to be detemined etc etc etc…
Formula to calculate resistance and support levels.
P = (H + L + C) / 3
R1 = (P x 2) – L
R2 = P + (H – L)
S1 = (P x 2) – H
S2 = P – (H – L)
But for making calls for short, mid, long term trades, do not depend on the formula. Do an in depth study.