Pivot Points
May 17, 2019
The Pivot Points indicator provides a traditional framework for identifying resistance and support levels by calculating "floor-trader pivots" across all historical data.
Usage
The script is primarily used to identify key intraday reversal or breakout zones. By default, the indicator automatically adjusts its calculation period based on the chart's timeframe (e.g., using Daily values for intraday charts). Traders can use the primary levels (P, R1-3, S1-3) as significant target areas or entry points. Additionally, the inclusion of "half levels" (e.g., R0.5, S1.5) provides more granular areas of interest for fine-tuning exits or managing trades in lower volatility environments.
Details
The indicator calculates levels based on the High, Low, and Close of the previous period. The "Traditional" or "Floor" pivot method is used:
- Pivot (P): (High + Low + Close) / 3
- Resistance 1 (R1): (P * 2) - Low
- Support 1 (S1): (P * 2) - High
- Subsequent levels: Calculated based on the range and distance from the central pivot.
Unlike standard implementations, this tool maintains historical lines, allowing traders to backtest how price interacted with levels in the past. It also features a "Default" timeframe logic:
- Intraday charts: Uses Daily (D) pivots.
- Daily charts: Uses Weekly (W) pivots.
- Weekly charts: Uses Monthly (M) pivots.
- Monthly charts: Uses 3-Month (3M) pivots.
Settings
- Time Frame: Selects the period used for calculation. "Default" uses the automatic logic described above, or a specific timeframe can be hardcoded.
- Line width for Main levels: Adjusts the thickness of the primary R1-3, P, and S1-3 lines.
- Line width for Half levels: Adjusts the thickness of the intermediate mid-point lines.
FAQ
How do I use the half levels?
Half levels represent the mid-points between main pivot levels. They are often used by scalpers as secondary support/resistance or as areas to move stop-losses to break even.
Does this indicator repaint?
The indicator uses lookahead_on to ensure levels are correctly plotted for the period they represent based on historical data, providing a consistent view for backtesting.
How can I access Pivot Points?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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