Daily Reference Points for Intra-hour Charts

The Daily Reference Points for Intra-hour Charts indicator provides automated daily pivot levels and key historical price points specifically designed for low-timeframe analysis. It serves as a comprehensive toolkit for day traders to identify potential support and resistance zones based on the previous day's trading range.

Usage

This tool is optimized for intra-hour trading and is programmed to only display on the 1m, 5m, 15m, and 30m timeframes. This ensures that your macro analysis on higher timeframes remains clean and free of intraday clutter.

Traders can use the various support (S1-S3) and resistance (R1-R3) levels to identify potential reversal or breakout points. The inclusion of the previous day's High, Low, and Close provides additional context, as these levels are widely considered critical technical benchmarks by institutional and retail traders alike.

Details

The script addresses a common visual issue found in many pivot point indicators where lines erroneously connect the previous day's levels to the current day's levels. By utilizing the plot.style_linebr style and specific logic to detect the start of a new day, the indicator ensures clean, disjointed lines that accurately represent the static nature of daily reference points.

The calculations include standard Floor Pivots:

• Pivot Point (PP): (High + Low + Close) / 3
• Resistance Levels (R1-R3): Derived from the PP and previous day's range.
• Support Levels (S1-S3): Derived from the PP and previous day's range.
• Central Pivot Range components: Including TC (Top Central) and BC (Bottom Central) calculations for a deeper view of the daily balance.

Settings

• S1/S2/S3: Toggles the visibility and visual style of the daily support levels.
• R1/R2/R3: Toggles the visibility and visual style of the daily resistance levels.
• HLC3 (Pivot): Toggles the main pivot point based on the average of High, Low, and Close.
• HL2 (TC): Displays the Top Central level (High + Low) / 2.
• 2HLC3-HL2 (BC): Displays the Bottom Central level calculation.
• High/Low/Close: Toggles the display of the previous day's actual High, Low, and Close prices.

FAQ

How do I access Daily Reference Points for Intra-hour Charts?

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

Why don't I see any lines on the Hourly or Daily chart?

The script is specifically restricted to "intra-hour" timeframes (1m, 5m, 15m, and 30m) to keep higher timeframe charts clean for macro analysis.

How are the pivot levels calculated?

The indicator uses standard Floor Pivot formulas using the High, Low, and Close data from the previous daily candle session.