CM_Pivot Points_Custom

The CM_Pivot Points_Custom indicator calculates and plots multi-timeframe pivot levels to help traders identify key support and resistance areas across various horizons.

Usage

The Usage section describes how the script can be used, examples should be provided in this section. This tool allows traders to overlay multiple pivot point timeframes on a single chart, such as viewing Daily, Weekly, and Monthly levels simultaneously. By default, the indicator displays Daily pivots using small circles, while longer timeframes like Monthly or Yearly use larger cross plots to provide instant visual differentiation.

Traders can use these levels to:

• Identify Support/Resistance: Use S1, S2, S3 and R1, R2, R3 levels for potential price reversals or targets.
• Determine Trend Bias: Trading above the central Pivot point often suggests a bullish bias, while trading below suggests a bearish bias.
• Confluence Analysis: Identify "clusters" where different timeframe pivots (e.g., a Weekly R1 and a Daily R2) align, signaling a high-probability area of interest.

Details

The script calculates pivot levels based on the high, low, and close prices of the previous period. It utilizes the request.security function with lookahead = barmerge.lookahead_on to ensure the levels are correctly anchored to their respective historical periods without repainting the current active calculations.

The core calculations are:

• Pivot (P): (High + Low + Close) / 3
• Resistance 1 (R1): (P × 2) - Low
• Support 1 (S1): (P × 2) - High
• Resistance 2 (R2): P + (High - Low)
• Support 2 (S2): P - (High - Low)
• Resistance 3 (R3): R1 + (High - Low)
• Support 3 (S3): S1 - (High - Low)

Settings

• Show Daily Pivots?: Toggles the visibility of daily timeframe pivot levels.
• Show Weekly Pivots?: Toggles the visibility of weekly timeframe pivot levels.
• Show Monthly Pivots?: Toggles the visibility of monthly timeframe pivot levels.
• Show Quarterly Pivots?: Toggles the visibility of quarterly (3-month) timeframe pivot levels.
• Show Yearly Pivots?: Toggles the visibility of yearly timeframe pivot levels.
• Show R3 & S3?: Determines whether the third level of support and resistance is calculated and displayed.

FAQ

How do I differentiate between different timeframe levels? The indicator uses distinct plot styles and line widths; circles are typically used for shorter timeframes (Daily/Weekly) while crosses are used for longer timeframes (Monthly/Quarterly/Yearly).

Can I set alerts for price crossing these levels? Yes, the script includes built-in alert conditions that trigger when the price crosses over or under the Daily Pivot, Resistance, or Support levels.

How do I get access to CM_Pivot Points_Custom? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.