TKP Weekly, Monthly and Yearly Fib Pivot Points

The TKP Weekly, Monthly and Yearly Fib Pivot Points indicator plots long-term Fibonacci-based pivot levels to help traders identify potential price reversals and areas for risk management. By projecting key support and resistance zones from weekly, monthly, and yearly timeframes, it provides a comprehensive macro perspective on price action.

Usage

The indicator can be used to identify key inflection points across different timeframes. Traders often look for price to react at these levels:

• Weekly Pivots: Useful for swing trading and identifying weekly trends.
• Monthly Pivots: Provide significant support and resistance for medium-term outlooks.
• Yearly Pivots: Act as major psychological and technical hurdles, often signaling long-term trend shifts or significant profit-taking zones.

Levels are color-coded for ease of use, with green representing support (S) levels, red representing resistance (R) levels, and the main pivot point typically serving as the central "fair value" line for the period.

Details

The script calculates pivot points using the standard (High + Low + Close) / 3 formula based on the previous period's data. The support and resistance levels are then derived using Fibonacci ratios applied to the previous period's range (High - Low):

• R1/S1: 0.382 Ratio
• R0.5/S0.5: 0.500 Ratio (Mid-point)
• R2/S2: 0.618 Ratio
• R3/S3: 1.000 Ratio (Full Range)

The indicator utilizes the request.security function to fetch historical data from the Weekly (W), Monthly (M), and Yearly (12M) intervals, ensuring that the levels remain constant throughout the current active period.

Settings

As this script focuses on plotting pre-calculated historical levels, the primary adjustments are found in the Style tab:

• Weekly Levels: Toggle the visibility or modify the color and line width for all weekly pivot, support, and resistance plots.
• Monthly Levels: Toggle the visibility or modify the color and line width for all monthly pivot, support, and resistance plots.
• Yearly Levels: Toggle the visibility or modify the color and line width for all yearly pivot, support, and resistance plots.

FAQ

How do I use these levels for trading?

Pivot points are often used to find entries (at support) or targets/exits (at resistance). A break through a pivot level can also indicate a strong trend continuation.

Can I set alerts for these levels?

Yes, the script includes built-in alert triggers that activate when the price crosses any of the weekly, monthly, or yearly levels.

How can I access TKP Weekly, Monthly and Yearly Fib Pivot Points?

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