Even beginners in forex trading would surely appreciate the sheer usefulness of pivot calculator applications. Indeed, there is no better way of identifying the pivot, resistance, and support points of a trading cycle than to use such impressive computational tools. Novice traders often fail to realize though, that there are several types of pivot point calculators in existence: each having unique qualities. In order to take full advantage of such forex tools, it would be necessary to learn about the types that currency-trading aficionados often use. Engaging in such a quest for knowledge is as simple as continuing to read this article.
It cannot be denied that the most popular pivot calculator variant is also the simplest. To explain, most individuals who engage in currency trading usually rely on calculators that specifically compute for floor pivot points. It should be emphasized however, that despite being simple, floor pivot point calculators provide a myriad of information that allows traders to quickly become aware of upcoming trends. Specifically, by using the aforesaid kind of calculator, it would be possible for individuals to easily identify multiple resistance and support levels aside from discovering the main pivot point, thus allowing for accurate predictions.
While some traders opt to use floor pivot point calculators, there are those who choose to utilize alternatives that are based on Tom DeMark’s formula. Unlike the aforementioned kind of pivot calculator, the Tom DeMark variant does not actually specialize in identifying pivot points: instead, it boasts unparalleled reliability in terms of giving traders insights on the highs and lows of future trading cycles. It is for this very reason that some people refer to such numbers as Tom DeMark pivot points, as such values are much more precise than their common resistance and support counterparts given by floor pivot point calculators .
Of course, the most experienced of forex traders would agree that Camarilla pivot calculator applications are quite popular as well. As to be expected, those just beginning to discover the various aspects of currency-exchange activities would have one question in mind: what makes a Camarilla-type calculator special? Simply put, unlike most other types of calculators developed to guide all sorts of forex traders, a Camarilla-type calculator is able to generate eight pivot points. By assessing such numerous predicted pivot point values, a trader would be able to establish effective selling and buying parameters.
As discussed, there are three popular types of calculators. To reiterate, the floor pivot point calculator is the most commonly-chosen variant of such tools, capable of generating a main pivot point as well as several resistance and support levels. As also mentioned, calculators based on the Tom DeMark concept, which specialize in accurately predicting highs and lows, are frequently used by traders as well. Of course, there are experts who opt to rely on Camarilla-type pivot point calculators to be able to come up with superb buying and selling strategies. All in all, properly choosing among these pivot calculator variants is an important step towards success.