Pivot Points

The Pivot Points indicator calculates and displays key support and resistance levels derived from the high, low, and close values of a user-defined timeframe. This tool provides traders with a flexible way to visualize institutional price levels across various intervals, ranging from 1-minute to monthly charts, regardless of the current chart timeframe.

Usage

The tool is primarily used to identify potential reversal points or breakout zones. Traders can use the pivot levels as dynamic support and resistance. For example, a scalper trading on a 1-minute chart can overlay 15-minute pivot points to identify more significant intraday hurdles.

The indicator plots:

• Main Pivot: The central mean price.
• Resistances (R1-R5): Upper targets and potential reversal zones.
• Supports (S1-S5): Lower targets and potential buying zones.
• Historical Pivots: Optionally displays past levels to analyze previous price reactions.

Details

The script utilizes the standard pivot calculation where the Pivot Point (P) = (High + Low + Close) / 3 from the previous period. The support and resistance levels are then calculated using traditional floor pivot formulas. By leveraging request.security, the indicator fetches data from higher (or lower) timeframes to project these levels onto the current chart.

Settings

Pivot Points Settings

• Choose the timeframe for pivots calculation: Select the data source timeframe (e.g., 1, 15, 60 minutes, Daily, Weekly, Monthly).
• Line Style: Adjust the visual appearance of the pivot lines (Solid, Dotted, Dashed, or Arrows).
• Labels Distance From Price: Sets how far to the right the text labels appear from the current bar.
• Hide Pivot Labels: Toggles the visibility of level descriptions and price tags.
• Show Current Pivot Points: Displays the active horizontal levels for the current period.
• Show Old Pivot Points: Displays historical pivot levels as circles on the chart.
• Show Last High and Low: Displays labels for the previous period's high and low prices.
• Color Inputs: Individual color pickers for the Main Pivot, Resistances (R1-R5), and Supports (S1-S5).

FAQ

How do I use these levels in my strategy?

Pivot points are often used to identify trend exhaustion or entry points. Price consistently holding above the Main Pivot often suggests bullish sentiment, while price below suggests bearish sentiment.

Can I see daily pivots on a 5-minute chart?

Yes, by setting the "Choose the timeframe for pivots calculation" to "D", the indicator will project daily levels onto your lower timeframe intraday chart.

How can I access Pivot Points?

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