Expanded Floor Pivot Points UPDATED
Jun 2, 2019
The Expanded Floor Pivot Points UPDATED indicator provides a comprehensive visualization of the Central Pivot Range (CPR) and standard floor pivot levels to help traders identify potential support and resistance zones based on prior session data.
Usage
The indicator is primarily used to identify market sentiment and potential reversal or breakout points. The Central Pivot Range (CPR), consisting of the Pivot, Bottom Central (BC), and Top Central (TC) levels, acts as a focal point for price action.
- Trend Identification: When price remains above the CPR, the sentiment is generally considered bullish; when below, it is considered bearish.
- Support and Resistance: The S1-S4 and R1-R4 levels act as price targets or areas where price exhaustion might occur.
- CPR Width: A narrow CPR often suggests an impending breakout or trending environment, while a wide CPR may indicate a sideways or range-bound market.
Details
This implementation is based on concepts popularized by Frank Ochoa in "Pivot Boss" and Mark Fisher. It calculates the core pivot levels using the high, low, and close of the previous daily session. Unlike traditional pivot indicators that may clutter the chart, this version uses reduced line widths and optimized visual styling for better clarity. It includes four levels of support and resistance (S1-S4 and R1-R4) to account for high-volatility sessions.
Settings
- Show Daily Pivots?: Toggles the visibility of the daily pivot levels, including the CPR and all S/R lines.
FAQ
How do I interpret the Central Pivot Range (CPR)?
The CPR consists of the central pivot, the BC (Bottom Central), and the TC (Top Central) lines. Traders often look at the relationship between the current price and this range to determine the daily bias.
What do R1-R4 and S1-S4 represent?
These are mathematically derived resistance (R) and support (S) levels. They represent potential price targets where the market may find friction or reverse.
How can I access this indicator?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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