That’s why I’m offering my own pivot point calculator (it’s just a very basic Excel spreadsheet) as a free download to all Trader’s Bulletin members.
All you need to do is check the high, low and close prices on the daily chart for the previous day’s trading, and input those into the calculator.
The calculator will give you your five key pivot point levels. Switch to a smaller timeframe that you work on for day trading (say a 5 or 10 minute chart), and add these five levels to your chart.
You’ll also see on the calculator some more advanced levels – R3 & S3, plus mid-levels of M1, M2, M3 and M4 (we’ll get on to those next week).
(Some charting packages will calculate and draw your pivot lines for you, which can save you even more time.)