Pivot Points Standard w/ Future Pivots

The Pivot Points Standard w/ Future Pivots indicator provides a comprehensive framework for identifying key support and resistance levels across multiple calculation methodologies, with a unique ability to project future levels based on current price action. This tool is designed to help traders visualize potential turning points before they occur, allowing for proactive trade planning and scenario analysis.

Usage

The indicator can be used to identify significant historical levels and anticipate future price targets. By selecting different pivot types, such as Traditional, Fibonacci, or Camarilla, traders can align the output with their specific strategy.

The Future Pivots feature is particularly useful for preparing for the next trading period. It calculates potential levels using the current period's data. Traders can also use the "Custom Close Price" feature to perform "what-if" analysis, seeing where levels would sit if the current period closed at a specific price target.

Details

Pivot points are calculated using the high, low, and close of a previous period to determine the current period's levels. This script expands on the standard implementation by offering:

• Multiple Timeframe Support: Automatically detects the best timeframe for pivots or allows manual selection from Daily to Decennially (10-year).
• Calculation Methods: Includes Traditional, Fibonacci, Woodie, Classic, DeMark (DM), and Camarilla calculations.
• Projection Logic: Future pivots are derived from the OHLC data of the current unfinished candle (or custom input) to estimate where the levels will be established once the period closes.

Settings

General Settings

• Type: Selects the calculation method (Traditional, Fibonacci, Woodie, Classic, DM, Camarilla).
• Pivots Timeframe: Determines the period used for pivot calculation (Auto, Daily, Weekly, etc.).
• Number of Pivots Back: Controls how many historical pivot periods are displayed (up to 200).
• Use Daily-based Values: When enabled, ensures calculations use daily data even on intraday charts.
• Label/Price: Toggles the visibility of level names and their corresponding price values.

Future Pivots

• Show Future Pivots: Enables the projection of the next period's levels.
• Line Style: Customizes the appearance of future levels (Solid, Dashed, Dotted).
• Use Custom Close Price: Allows users to input a theoretical closing price for future calculations.

Levels

• P/S1-S5/R1-R5: Individual toggles and color pickers for the central pivot, supports, and resistances.

FAQ

How do I interpret the Future Pivots? Future pivots represent where the support and resistance levels will likely be in the next period. They update in real-time as the current candle fluctuates, providing a leading look at market structure.

What is the "Use Custom Close Price" setting for? This setting allows you to see where future pivots will be if the market closes at a specific price you anticipate, which is excellent for planning trades ahead of a daily or weekly close.

How do I access Pivot Points Standard w/ Future Pivots? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.