Multi-Timeframe Pivot Points
May 20, 2020
The Multi-Timeframe Pivot Points indicator allows users to overlay pivot point levels from various higher timeframes onto their current chart to identify key areas of support and resistance.
Usage
The Multi-Timeframe Pivot Points tool is used to identify significant price levels that may act as turning points or breakout zones. By viewing daily, weekly, monthly, and yearly pivots simultaneously, traders can spot "confluence zones" where levels from different timeframes align, often indicating a higher probability of a price reaction. For instance, a trader on a 1-hour chart might use daily pivots for intraday targets while monitoring weekly pivots to ensure their trade direction aligns with broader market trends.
Details
This script calculates traditional pivot points (Floor Pivots) using the High, Low, and Close prices from previous higher timeframe periods. The primary pivot (P) is calculated as the average of the previous period's high, low, and close. Resistance (R1-R5) and Support (S1-S5) levels are then derived from this central pivot and the previous range. The indicator uses multi-timeframe requests to fetch data from Daily (D), Weekly (W), Monthly (M), and Yearly (12M) intervals. To maintain chart clarity, levels are automatically hidden if the current chart timeframe is equal to or higher than the pivot timeframe.
Settings
The settings allow for the toggling of specific timeframe levels to manage screen real estate:
- Show Daily: Toggles the display of pivot levels calculated from the previous day.
- Show Weekly: Toggles the display of pivot levels calculated from the previous week.
- Show Monthly: Toggles the display of pivot levels calculated from the previous month.
- Show Yearly: Toggles the display of pivot levels calculated from the previous year.
FAQ
How do I use the Multi-Timeframe Pivot Points indicator?
Enable the timeframes relevant to your strategy in the settings and observe how price interacts with the plotted horizontal levels for potential support or resistance.
Can I set alerts for these levels?
Yes, the script includes built-in alert conditions that trigger when price crosses a pivot level on any of the enabled timeframes.
How can I access Multi-Timeframe Pivot Points?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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