Regarding your [B]pivot[/B] question, the pivot levels labeled M1, M2, M3, etc., are simply [B]intermediate levels[/B], halfway between the PIVOT and R1, halfway between R1 and R2, etc.
What does the “M” stand for? I have no idea. Personally, I hate the way the intermediate levels are designated in most charting packages, because you can’t tell from a label (M5, for example) where that particular level might be.
I would prefer to label them R0.5, R1.5, R2.5, S0.5, S1.5, and S2.5. That way, the label would describe the level better. But, my platform doesn’t give me the option of removing or changing the default labels.
Some traders use pivots, and some don’t. Of those traders who do use pivots, the so-called “classic” pivots are the most common. But, there are several other systems of pivots, as well. The various systems generally calculate the PIVOT the same way, but differ in the way they calculate the other levels.
Most traders who use pivots apply them to DAILY charts. Of those traders who use pivots on DAILY forex charts, most use the PIVOT plus R1, R2, R3, S1, S2, and S3. Most do not use R4 and S4. Forex price moves on the DAILY chart almost never extend to the R4 or S4 levels.
I don’t know what the consensus is, among traders, on the use of the intermediate levels (M1, M2, etc.). I use them (stupid labels, and all). In terms of presenting potential support or resistance to price, I generally expect the intermediate levels to be [B]almost[/B] as strong as the main levels (R1, R2, etc.).