Monthly Weekly Daily Pivot Points Standard

The Monthly Weekly Daily Pivot Points Standard indicator is a multi-timeframe technical analysis tool designed to plot standard pivot levels from three different time horizons simultaneously to assist in intraday and swing trading.

Usage

This tool is particularly useful for day traders who need to see where short-term price action interacts with longer-term support and resistance zones. By displaying Daily, Weekly, and Monthly pivots on a single chart, traders can identify "confluence zones" where levels from different timeframes overlap, often indicating stronger areas of price reversal or breakout.

The indicator plots:

• Daily Pivots: Primary levels for intraday scalp and day trading targets.
• Weekly Pivots: Mid-term support and resistance used to define the weekly trend bias.
• Monthly Pivots: Long-term levels that provide a broader context for institutional price interest.

Traders typically use the Central Pivot Point (P) as a bias indicator (price above is bullish, price below is bearish) and the Support (S) and Resistance (R) levels as potential take-profit or entry zones.

Details

The indicator calculates levels using the Standard Pivot Point formula based on the previous period's High, Low, and Close:

• Pivot Point (P) = (High + Low + Close) / 3
• Resistance 1 (R1) = (P x 2) - Low
• Support 1 (S1) = (P x 2) - High
• Resistance 2 (R2) = P + (High - Low)
• Support 2 (S2) = P - (High - Low)

Additionally, the Daily timeframe includes mid-pivot levels (e.g., PP-R1, R1-R2) to provide more granular price targets for high-frequency intraday movements.

Settings

• Daily Color: Select the color used for all Daily pivot lines and labels.
• Weekly Color: Select the color used for all Weekly pivot lines and labels.
• Monthly Color: Select the color used for all Monthly pivot lines and labels.

FAQ

How do I use the mid-pivot levels?

The mid-pivot levels (labeled as PP-R1, etc.) represent the halfway point between major pivot levels and act as secondary areas where price may stall or consolidate.

Can I change the calculation method?

This specific version uses the "Standard" pivot point calculation, which is the most widely used method in floor trading and technical analysis.

How can I access this tool?

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