Daily Pivot (Traditional)

The Daily Pivot (Traditional) indicator is a versatile technical analysis tool that automatically calculates and plots daily pivot points, support, and resistance levels on intraday charts to help traders identify potential market turning points and trend continuation zones.

Usage

The Daily Pivot (Traditional) tool is primarily used by intraday traders to gauge market sentiment and identify key price levels. The central Pivot Point (PP) serves as the primary trend filter: prices trading above the pivot suggest a bullish bias, while prices below suggest a bearish bias.

Traders can use the Resistance (R1-R5) and Support (S1-S5) levels as potential take-profit targets or areas to look for price reversals. The indicator supports two distinct calculation methodologies:

• Traditional: Uses standard floor pivot formulas.
• Fibonacci: Utilizes Fibonacci retracement levels (0.382, 0.618, 1.0, etc.) applied to the previous day's range to determine support and resistance.

The labels are positioned on the right side of the chart to prevent overlap with historical price action, ensuring a clean visual workspace.

Details

This script calculates levels based on the high, low, and close of the previous period (defaulting to the Daily timeframe). It uses the request.security function with lookahead_on to ensure accurate historical reference of daily values on intraday charts. The indicator is designed exclusively for intraday timeframes; if applied to a daily chart or higher, the levels will not display to maintain chart integrity.

Settings

Pivot

• Pivot Type: Choose between "Traditional" or "Fibonacci" calculation methods.
• Pivot / R1-R5 / S1-S5: Boolean toggles to show or hide the central pivot and specific support/resistance lines.
• Pivot Label offset: Adjusts the horizontal displacement of the price labels on the right side of the chart.
• Timeframe: Sets the timeframe used to calculate the pivot values (default is Daily).

FAQ

How do I use the Daily Pivot (Traditional) for trading?

The indicator is often used to identify "reversion to the mean" trades when price reaches extreme support/resistance levels or as breakout confirmation when price clears the central Pivot Point.

Why are the lines not appearing on my chart?

The indicator is programmed to work only on intraday charts (timeframes lower than the selected Pivot Timeframe). Ensure you are viewing a lower timeframe like 5m, 15m, or 1h.

Where can I find more tools like this?

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