Calculate resistance / support on 5 minutes timeframe

Question

I'm starting to learn resistance / support.

I'm trying to calculate it, but i'm not sure to understand something.

Let say i have an array of 5 last trades done (i can have much more, it's just for the example) : [[1611965400000, 107.145, 107.434, 107.0, 107.029, 230.9], [1611965700000, 107.033, 107.182, 106.714, 106.73, 490.3], [1611966000000, 106.708, 106.834, 106.524, 106.545, 390.3], [1611966300000, 106.603, 106.626, 106.038, 106.154, 597.3], [1611966600000, 106.145, 106.311, 106.037, 106.188, 462.9]]

Here what value is equal in my array of data:

[
    [
        1504541580000, // UTC timestamp in milliseconds, integer
        4235.4,        // (O)pen price, float
        4240.6,        // (H)ighest price, float
        4230.0,        // (L)owest price, float
        4230.7,        // (C)losing price, float
        37.72941911    // (V)olume (in terms of the base currency), float
    ],
    ...
]

To calculate the pivot /support / resistance i have to do that :

 pp = (high + low + close) / 3
 r1 = 2 * pp - low 
 s1 = 2 * pp - high

But, for high / low / close, should i take the average of all my data in array? or should i take only the last element ? or should i take the highest for the high, the lowest for the low, but what for the close ?

Thank for your help !

Answer 1

"for high / low / close, should i take the average of all my data in array"

You require OHLC data based on calendar time, not economic time. You will need to create 5-minute bars from the trade data.