CM_Pivot Points_M-W-D-4H-1H_Filtered

The CM_Pivot Points_M-W-D-4H-1H_Filtered indicator provides multi-timeframe pivot point levels with a unique filtering mechanism designed to identify high-probability support and resistance zones.

Usage

The Usage section describes how the script can be used to identify key market levels across various timeframes. Traders can utilize this tool to plot pivots for 1-hour, 4-hour, daily, weekly, monthly, and yearly intervals simultaneously or individually.

A core component of this indicator is the "Filtered Pivots" logic. When enabled, the script determines the market bias based on the relationship between the current and previous pivot levels.

• Bullish Bias: If the current pivot is higher than the previous one (factoring in a market threshold), the indicator plots the main Pivot, S1, and R2.
• Bearish Bias: If the current pivot is lower than the previous one, the indicator plots the main Pivot, S2, and R1.

This filtering helps traders focus on the levels most likely to act as significant hurdles or floors based on the prevailing trend. Additionally, users can toggle a Pivot Moving Average to smooth out the central pivot line for trend identification.

Details

The script calculates standard floor pivots using the (High + Low + Close) / 3 formula. The "Filtered" logic adds a conditional layer to the calculation:

• Bullish Condition: pivot > (pivot + pivot[1]) / 2 + 0.0025
• Bearish Condition: pivot < (pivot + pivot[1]) / 2 - 0.0025

By applying these conditions, the indicator removes extraneous levels that might clutter the chart, only displaying those relevant to the current directional momentum. The 1-hour and 4-hour settings include an optional toggle to show R3 and S3 levels, providing deeper targets for intraday volatility.

Settings

• Show Filtered Pivots: Enables the conditional logic that hides specific support or resistance levels based on trend direction.
• Show Pivot Average: Displays a 3-period simple moving average of the pivot point.
• Show 1 Hour/4 Hour/Daily/Weekly/Monthly/Yearly Pivots: Individual toggles to enable or disable specific timeframe calculations.
• Show R3 & S3 Only On 1 Hour & 4 Hour: Restricts the display of the third resistance and support levels to intraday timeframes only.

FAQ

How do I interpret the Filtered Pivots? Filtered pivots only show the levels statistically most likely to be tested. If the market is trending up, it focuses on the pivot, the first support (S1), and the second resistance (R2).

Can I view multiple timeframes at once? Yes, you can enable any combination of timeframes (e.g., Daily and Weekly) to find "confluence" zones where different timeframe pivots overlap.

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