Pivot Points (Daily)

The Pivot Points (Daily) indicator calculates and plots daily support and resistance levels on intraday charts using both Fibonacci and Bulkowski methodologies to provide traders with key price targets and reversal zones.

Usage

The Usage section describes how the script can be used to identify potential market turning points. Traders can utilize the multiple levels of support and resistance to set take-profit targets or identify areas where a trend might stall or reverse.

• Fibonacci Levels: Plotted as circles, these levels use standard Fibonacci retracement percentages (21.4%, 38.2%, 61.8%, 78.6%, 123.6%, 161.8%) applied to the previous day's range.
• Bulkowski Levels: Plotted as crosses, these provide an alternative support/resistance calculation (R1-R4 and S1-S4) based on traditional pivot math.
• Dynamic Coloring: The levels change color based on their position relative to the current price (Green for support/below price, Red for resistance/above price), allowing for quick visual interpretation.

Details

This script retrieves data from the daily timeframe to project levels onto lower intraday timeframes. It utilizes three primary central pivot calculations:

• HLC3: (High + Low + Close) / 3
• HL2: (High + Low) / 2
• OHLC4: (Open + High + Low + Close) / 4

The indicator uses request.security with lookahead = barmerge.lookahead_on to ensure levels are accurately anchored to the start of the trading day.

Settings

• Pivot HL2 (D): Toggles the display of the daily HL2 pivot line.
• Pivot HLC3 (D): Toggles the display of the daily HLC3 (Typical Price) pivot line.
• Pivot OHLC4 (D): Toggles the display of the daily OHLC4 pivot line.
• Resist/Support Fibonacci: Individual toggles and style settings for levels ranging from 21.4% to 161.8%.
• R1-R4 / S1-S4 Bulkowski: Individual toggles for the Bulkowski-style support and resistance levels.

FAQ

How do I use these levels for trading?

The levels act as psychological barriers where price often reacts. You can look for price action signals (like engulfing candles) near these daily levels to enter or exit trades.

Why are there different pivot types like HLC3 and OHLC4?

Different traders prefer different "central" values. HLC3 is the most common "Typical Price," while OHLC4 includes the opening price to provide a more comprehensive average of the day's activity.

How can I access Pivot Points (Daily)?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.