Pivot Points with Monthly and Weekly options
Jun 22, 2020
The Pivot Points with Monthly and Weekly options indicator provides automated calculation and plotting of key pivot levels based on higher timeframes, allowing traders to identify potential support and resistance zones across multiple horizons.
Usage
The Usage section focuses on identifying price action around the calculated levels. Traders typically look for price rejection at these levels to confirm a reversal or a breakout followed by a retest to confirm a trend continuation. The R2 and S2 levels are particularly significant as they represent strong zones where price often finds substantial resistance or support. By adjusting the timeframe setting, users can switch between weekly or monthly perspectives to align with their specific trading strategy.
Details
This tool utilizes standard Floor Pivot Point calculations. The core Pivot (P) is calculated as the average of the previous period's high, low, and close. From this base, three levels of resistance (R1-R3) and three levels of support (S1-S3) are derived:
- P = (High + Low + Close) / 3
- R1 = (P × 2) - Low
- S1 = (P × 2) - High
- R2 = P + (High - Low)
- S2 = P - (High - Low)
- R3 = High + 2 × (P - Low)
- S3 = Low - 2 × (High - P)
The indicator requests data from a higher timeframe (HTF) using security functions, ensuring that the levels remain constant throughout the duration of the chosen higher period (e.g., a month or a week).
Settings
- Higher Timeframe: Determines the source period for the pivot calculations. Set this to "W" for weekly pivots or "M" for monthly pivots.
FAQ
How do I use the different levels?
The central Pivot (P) acts as the primary trend filter. Resistance levels (R1, R2, R3) are targets for long positions or areas to look for shorts, while Support levels (S1, S2, S3) are targets for shorts or areas to look for long entries.
Does this indicator repain?
No, the script uses the previous period's closed data (lookahead enabled for historical consistency) to calculate static levels for the current period, meaning levels do not change once the period starts.
How can I access Pivot Points with Monthly and Weekly options?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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