Pivot Points Plus

The Pivot Points Plus indicator calculates and displays traditional pivot points alongside mid-level (50%) lines to provide a comprehensive view of potential support and resistance zones.

Usage

The indicator can be used by day traders and swing traders to identify key levels where price action might react. The "Major" lines represent standard Pivot (P), Support (S1-S3), and Resistance (R1-R3) levels, while the "Minor" lines represent the 50% midpoint between these major levels. These mid-levels offer additional granularity for finding entries or setting take-profit targets in narrower ranges.

Examples of usage include:

• Support/Resistance: Using the major S/R levels as areas to look for price reversals or breakouts.
• Range Identification: Using the 50% mid-levels to manage trades within a larger range between two major pivot levels.
• Trend Confirmation: Monitoring price action relative to the central Pivot (P) to determine the intraday or intra-period bias.

Details

This tool implements the Traditional Pivot Point calculation based on the high, low, and close of a previous period (Day, Week, Month, or Year).

• Pivot (P): (High + Low + Close) / 3
• Resistance 1 (R1): P + (P - Low)
• Support 1 (S1): P - (High - P)
• Mid-levels: Calculated as the arithmetic mean between any two adjacent major levels.

The script dynamically updates these levels at the start of every new period and extends them across the chart for visual clarity. It also includes price labels for each level, which can be toggled in the settings.

Settings

• Show Price Levels: Toggles the visibility of the price value next to the level labels.
• Major Line Color: Sets the color for the primary P, S, and R lines.
• Minor Line Color: Sets the color for the 50% mid-level dashed lines.
• Text Color: Customizes the color of the labels displayed on the chart.
• Period: Determines the timeframe used for the pivot calculations (Day, Week, Month, or Year).

FAQ

How do I use the alerts in this script?

You can set up alerts for when the price crosses any of the major or minor levels by using the Alert Condition menu in TradingView and selecting the corresponding crossing event.

Can I change the look of the mid-levels?

Yes, the "Minor Line Color" setting allows you to change the color and transparency of the 50% lines independently from the major levels to reduce chart clutter.

How can I access Pivot Points Plus?

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