Pivot Points Standard Higher Timeframe

The Pivot Points Standard Higher Timeframe indicator provides a streamlined way to project institutional-grade support and resistance levels from higher timeframes onto your current chart. This tool is designed to help traders identify key price levels based on monthly, weekly, or other custom intervals to better understand market structure and potential reversal points.

Usage

The indicator can be used to identify key pivot points (PV) along with its primary resistance (R1) and support (S1) levels. By default, these levels are calculated from a Monthly (M) timeframe, but this can be adjusted to suit different trading styles.

• Intraday Trading: Use higher timeframe levels to identify major supply and demand zones that price might react to during the day.
• Trend Confirmation: Observe how price interacts with the Pivot (PV) level; staying above the PV often suggests a bullish bias for that period, while staying below suggests a bearish bias.
• Targeting: Traders can use R1 and S1 as potential take-profit or stop-loss zones.

Details

This script is a refactored and optimized version of the standard Pivot Point calculations, specifically written in Pine Script v5/v6. It utilizes the request.security() function to fetch OHLC data from a user-defined higher timeframe.

The calculations follow the standard Floor Pivot formula:

• Pivot (PV): (High + Low + Close) / 3
• Resistance 1 (R1): (PV * 2) - Low
• Support 1 (S1): (PV * 2) - High

The script also calculates the percentage distance between the Pivot and the S1/R1 levels, providing insights into the volatility and range of the higher timeframe period.

Settings

• Timeframe: Sets the higher timeframe used for pivot calculations (e.g., Monthly, Weekly, Daily).
• Label: Toggles the visibility of text labels on the chart.
• Price: Displays the numerical price value on the pivot labels.
• Percent: Shows the percentage difference between the pivot and the S1/R1 levels.
• R1/PV/S1 Colors: Customizable color pickers for the lines and labels of each specific level.
• Extend line for last pivot: Choose whether to extend the current period's levels to the right of the chart.
• Font size: Adjusts the label text size, with options ranging from tiny to huge.

FAQ

How do I use these levels in my trading?

Pivot points are often used as areas where price action is expected to stall or reverse. R1 acts as a potential ceiling, while S1 acts as a potential floor.

Can I change the timeframe for the pivots?

Yes, you can change the "Timeframe" setting in the indicator inputs to any valid timeframe, such as Daily (D), Weekly (W), or Monthly (M).

How can I access this indicator?

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