What is Pivot, Support & Resistance

Usually we use template to auto plotting this Pivot, S&R...but I think it is important to know how these point is calculated....and of course it is different between broker due to open and close time of the platform. I remember last time I use this method as one of my entry point for 15 pip TP. When hour 00, if the price is open below PP, SELL and if price open above PP, BUY. Probably I have to re-visit this method and give a try again.

Here is the calculation

Calculation:
P = (yesterday's high + yesterday's low + yesterday's close)/3
R2 = P + (yesterday's high-yesterday's low)
R1 = 2 * P-yesterday's low
S1 = 2 * P-yesterday's high
S2 = P - (yesterday's high-yesterday's low)