Pivot Points & Midlines with color selector

The Pivot Points & Midlines with color selector indicator provides a comprehensive suite of support and resistance levels based on standard pivot point calculations, enhanced with intermediate midlines and customizable visual elements. It aims to offer traders a clear view of potential price reaction zones across various timeframes.

Usage

The indicator can be used to identify key intraday or multi-day reversal and breakout points. Traders typically monitor the main Pivot (P), Resistance (R1, R2, R3), and Support (S1, S2, S3) levels to gauge market sentiment.

Key usage scenarios include:

• Trend Confirmation: Trading above the central Pivot often suggests a bullish bias, while trading below suggests bearishness.
• Target Setting: R and S levels serve as logical areas for profit-taking or stop-loss placement.
• Midline Interaction: The midlines (e.g., R1 mid, S1 mid) act as secondary zones where price may stall or find minor support/resistance.
• Multi-Timeframe Analysis: Users can apply multiple instances of the script to a single chart—for example, one set to a Daily (D) timeframe and another to Weekly (W)—to find "confluence" zones where different levels overlap.

Details

This script is an adaptation of the "Pivot Points Standard" model. It calculates levels using the High, Low, and Close prices of a specified higher timeframe (HTF).

The mathematical basis includes:

• Pivot Point (P): (High + Low + Close) / 3
• Resistance/Support: Traditional floor pivot formulas are used for R1-R3 and S1-S3.
• Midlines: Calculated as the arithmetic mean between two primary levels (e.g., the midpoint between P and R1).
• Previous Day High/Low (PDH/PDL): Included as optional dashed lines to highlight specific price extremes from the previous period.

Settings

General Settings

• Show Labels: Toggles the visibility of text labels for each level.
• Show Prices: When enabled, the specific price value is displayed next to the label.
• Label Position: Choose between "left" or "right" alignment for the text labels.
• Offset Bars: Adjusts the horizontal spacing of labels when the position is set to "right".

Pivot Points Group

• Higher Timeframe: Sets the period used for calculation (e.g., Daily, Weekly, Monthly).
• Show Pivot Lines: Enables or disables the rendering of the pivot and S/R lines.
• Color: A color selector for the pivot lines and their associated labels.
• Show Yesterday: Determines if the levels from the previous period remain visible on the chart.

Previous Days Highs/Lows Group

• Show PDH/PDL lines: Toggles the display of the previous period's High and Low.
• Color: A color selector specifically for the PDH and PDL lines.
• Show Yesterday (PDH/PDL): Toggles visibility for the historical PDH/PDL levels.

FAQ

How do I change the calculation period?

Navigate to the "Settings" menu and look for the "Higher Timeframe" dropdown in the "pivot points" group. You can select Daily, Weekly, Monthly, or other timeframes.

Can I hide specific levels I don't use?

While the script allows you to toggle groups like Pivot Lines or PDH/PDL, specific levels (like R3 or S3) are managed through the master toggle. For more granular control, the source code can be manually edited.

How can I access Pivot Points & Midlines with color selector?

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