Pivot Points Standard

The Pivot Points Standard indicator provides a comprehensive framework for identifying significant price levels based on historical performance across multiple timeframes. By calculating averages and extensions from prior trading periods, this tool helps traders pinpoint potential support and resistance zones for improved market timing.

Usage

The tool can be utilized to define key institutional levels where price action is likely to react. Traders often use these levels to set profit targets or identify entries. For example, if price approaches an R1 level during a bullish trend, it may signal a potential reversal or a area to scale out of long positions.

The script supports a wide variety of timeframes ranging from Daily to Decennially. On intraday charts, the "Auto" setting dynamically adjusts the pivot period to suit the chart resolution, ensuring that the levels remain relevant to the current price action.

Details

This script implements a traditional pivot calculation method but enhances it with specific "Buy" and "Sell" levels derived from a median price and range-based extensions (using a 0.618 multiplier).

• Median (P): Calculated as the average of the High and Low.
• Buy/Sell Levels: These act as early triggers or buffer zones between the central pivot and the first standard support/resistance levels.
• Historical Anchoring: Unlike standard indicators that only show the current period, this version can display up to 500 historical pivot sets, allowing for back-testing and visual analysis of how price reacted to these levels in the past.

Settings

General

• Type: Selects the calculation algorithm (Fixed to Traditional in this version).
• Pivots Timeframe: Determines the period used to calculate the levels (e.g., Daily, Weekly, Yearly).
• Number of Pivots Back: Controls how many historical pivot sets are displayed on the chart.
• Use Daily-based Values: When enabled, the script uses daily session data for calculations, ignoring intraday gaps or extended hours unless otherwise specified.
• Show Labels: Toggles the visibility of level names (P, R1, S1, etc.).
• Position Labels: Aligns the labels to the left or right of the pivot lines.

Visibility & Style

• P / S1-R1 / S2-R2 / S3-R3: Individual toggles to show or hide specific support, resistance, and central pivot levels.
• Buy / Sell: Toggles the display of the unique range-based Buy and Sell trigger levels.
• Colors: Customizable color pickers for every level to match chart themes.

FAQ

How do I use the Buy and Sell levels?

The "Buy" and "Sell" levels are calculated based on a 0.618 extension of the previous period's range from the median. They serve as aggressive entry zones or confirmation levels before price reaches R1 or S1.

Can I see pivots for multiple years?

Yes, the indicator supports higher-order timeframes including Biyearly, Triyearly, Quinquennially, and Decennially, which are useful for long-term investing and macro analysis.

How can I access Pivot Points Standard?

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