Pivot Support and Resistance Finder V1
Nov 4, 2020
The Pivot Support and Resistance Finder V1 indicator identifies and visualizes key horizontal support and resistance levels based on pivot high and pivot low points to help traders spot significant price zones.
Usage
The Pivot Support and Resistance Finder V1 is used to detect historical price floor and ceiling levels. Traders can use these levels to anticipate potential reversals or breakouts. The tool draws up to four horizontal lines extending to the right from detected pivots and adds labels to the specific high and low pivot candles. It also dynamically visualizes the support and resistance levels currently forming in real-time.
Details
The indicator calculates pivot points using high and low price action over a user-defined lookback period. Once a pivot point is confirmed, a horizontal level is projected forward. This implementation follows standard pivot logic inspired by established technical analysis methods, ensuring that the identified levels represent significant swing points in the market structure.
Settings
- Current timeframe pivot settings: Adjust the lookback and lookforward periods for pivot detection on the active timeframe.
- Show and hide levels: Toggle the visibility of identified support and resistance lines.
- Change colors: Customize the color scheme for both support and resistance levels for better visual clarity.
- Extend Lines: Determine whether the horizontal lines should extend indefinitely to the right or remain fixed to the pivot source.
FAQ
How do I use the Pivot Support and Resistance Finder V1?
You can use it to identify historical price levels where the market has previously reacted, helping you set stop losses, take profit targets, or entry zones.
Can I customize the number of lines displayed?
Yes, the settings menu allows you to select the number of active horizontal lines displayed on your current timeframe.
How can I access the Pivot Support and Resistance Finder V1?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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