Pivot Points High Low Multi Time Frame

The Pivot Points High Low Multi Time Frame indicator identifies significant price peaks and troughs from higher timeframes and projects them onto the current chart to provide key support and resistance levels for trend analysis.

Usage

The Usage section describes how the script can be used to identify market structure across different periodicities. Traders can use this tool to anchor their analysis to macro trends while executing trades on lower timeframes.

• Market Structure Identification: By selecting a higher timeframe (e.g., Daily or 4-hour) while viewing a lower timeframe chart (e.g., 15-minute), users can see where major turning points are located without switching tabs.
• Support and Resistance: The plotted pivot levels act as horizontal zones where price may experience rejection or find support.
• Stop Loss and Take Profit Placement: The confirmed pivot highs and lows provide logical points for placing protective stops or identifying target areas for exits.

Details

The script utilizes the ta.pivothigh() and ta.pivotlow() functions to detect price extremes based on a user-defined number of bars to the left and right. To bring this data into the current chart, it employs request.security to fetch the data from the specified higher timeframe.

The indicator draws horizontal lines and price labels at the exact level of the pivot. It uses time-based coordinates to ensure the levels are accurately mapped relative to the higher timeframe's bar duration. To ensure the script functions correctly, the user-selected timeframe setting should always be equal to or higher than the current chart timeframe.

Settings

• Timeframe: Determines the higher timeframe from which the pivot points are calculated (e.g., 240 for 4-hour, D for Daily).
• Left Bars: Specifies the number of preceding bars required to identify a high or low.
• Right Bars: Specifies the number of following bars required to confirm the pivot point.
• Pivot High/Low Line Colors: Allows for customization of the colors used for the horizontal pivot lines.
• Pivot High/Low BG Color: Adjusts the background color and transparency of the price labels associated with each pivot.

FAQ

How do I ensure the pivots are displayed correctly? The "Timeframe" setting in the script inputs must be set to a value higher than your current chart interval. If the chart interval is higher than the setting, the pivot logic may not display as intended.

What do the Left and Right bar settings do? These settings define the strength of the pivot. A higher number of bars requires price to stay below (for highs) or above (for lows) the level for a longer period, resulting in more significant but lagging structural points.

How can I get access to the Pivot Points High Low Multi Time Frame? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.