Similar to traditional pivot points, Camarilla pivot points provides support and resistance levels.
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(47.08KB) Version 1
Camarilla Pivot Points
Expert Reviewed
| Our rating: | Rated 4 out of 5 stars |
| Avg rating: | Rated 3 out of 5 stars |
| Type | TI |
| Pairs | ALL |
| Time frames | ALL |
| Market sessions | ASIA, AMERICA, EUROPE |
| Required experience | beginner |
| Compatibility | MT4 |
| Code | Source Code |
| License | Free |
Updated: 12/11/2010
Screenshots and Videos
Expert Reviews
Expert Technical Review
by Alberto Muñoz - expert rating: Rated 4 out of 5 stars
How the software works
The indicator calculates Camarilla Equation support (L) and resistance (H) levels and plots them as horizontal lines. It also calculates several Fibonacci projection levels based on last session range and current pivot; these levels are labeled as S1, S2, S3, etc. for Fibo support levels and R1, R2, R3, etc. for Fibo resistance levels. In addition you can plot Standard Pivot Points and MidPivots values too.Main Settable Options
Camarilla Pivot Points has a lot of configurable options, including colors and widths for every line as well as font size for labels. It also allows to choose which levels (Camarilla Pivots, Standard Pivots, Mid Pivots, Fib Levels) do you want to show and set alerts.Technical Verdict
Camarilla Pivot Points is a very complete indicator that will be very helpful for all those traders who loves to trade using any Pivot Points modification. Also it has a lot of settings so you can create very flexible templates.The indicator has only two drawbacks: first, it only works on intraday charts and calculations are based on daily values only; strictly speaking this is not a drawback as original Pivot Points formula is based on daily values but it would great if we could set input values to any timeframe. Secondly, the indicator only shows current session values so it’s not possible to backtest strategies based on these levels.
Expert Usage Review
by Alberto Muñoz - expert rating: Rated 3 out of 5 stars
The Camarilla Equation is a simple formula, similar to Pivot Points, used to calculate eight levels of intra-day support and resistance according to yesterday's High, Low, Open and Close. There are 5 of these "L" levels below yesterday's close (labeled as L1, L2, L3, L4 and L5), and 5 "H" levels above (labeled as H1, H2, H3, H4 and H5). The most important levels are L3, H3, L4 and H4 levels.
The main strategy to trade Camarilla Equation levels is to wait for price to reach L3 or H3, both considered reverse levels so traders should open positions against the trend and place a stop loss near L4 or H4 levels.
In order to improve your entry at L3 or H3, you can confirm the expected reversal by looking at possible support or resistance level around those levels as well as any reversal candlestick patterns.
Another possible strategy to trade using Camarilla Equation levels is to look at L4/H4 levels for a breakout so in this case traders will open positions in the direction of the trend. When trading this strategy, usually L5/H5 levels are suggested to set a profit target.
In order to improve your entry at L3 or H3, you can confirm the expected reversal by looking at possible support or resistance level around those levels as well as any reversal candlestick patterns.
Another possible strategy to trade using Camarilla Equation levels is to look at L4/H4 levels for a breakout so in this case traders will open positions in the direction of the trend. When trading this strategy, usually L5/H5 levels are suggested to set a profit target.
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Very pragmatic, only wish the lines are drawn from right to 1/3 of the chart lenght