Pivot Points (with Mid-Pivots)

The Pivot Points (with Mid-Pivots) indicator provides a visual representation of daily support and resistance levels based on floor pivot calculations, helping traders identify significant price interest areas used by institutional participants.

Usage

The tool is primarily used to identify potential reversal or breakout points within a daily trading range. Traders often use the central Pivot Point (P) as a primary trend filter: prices trading above the pivot suggest a bullish bias, while prices below suggest a bearish bias.

The Resistance (R1, R2, R3) and Support (S1, S2, S3) levels act as price targets or zones where a trend might exhaust. The inclusion of Mid-Pivots (M0-M5) provides additional granularity, acting as secondary levels of interest between the primary pivot lines. These can be particularly useful in lower-volatility environments where price may not reach the main R or S levels.

Details

This script calculates standard floor pivot points using the previous day's high, low, and close prices. The calculations are as follows:

• Pivot (P): (High + Low + Close) / 3
• Resistance 1 (R1): (P * 2) - Low
• Support 1 (S1): (P * 2) - High
• Mid-Pivots: These are calculated as the arithmetic mean between any two adjacent primary pivot levels (e.g., M3 is the average of P and R1).

The indicator specifically utilizes daily timeframe data via the request.security function, ensuring that the levels remain constant throughout the current trading day regardless of the chart's intraday timeframe.

Settings

• Show R3 and S3 levels?: Toggles the visibility of the third resistance (R3) and third support (S3) levels.
• Show Mid-Pivots?: Toggles the visibility of the intermediate levels (M0 through M5) located between the main pivot points.

FAQ

How do I use the Mid-Pivots?

Mid-Pivots act as transitional zones. If price breaks a main level (like R1) but lacks the momentum to reach the next main level (R2), the Mid-Pivot (M4) often serves as a local peak or area of consolidation.

Can I change the timeframe to Weekly or Monthly?

This specific version is hardcoded to use Daily (D) data for its calculations to ensure consistent daily floor pivots.

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.