HPotter

Pivot Point

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Pivot points simply took the high, low, and closing price from the previous period and
divided by 3 to find the pivot . From this pivot , traders would then base their
calculations for three support, and three resistance levels. The calculation for the most
basic flavor of pivot points , known as ‘floor-trader pivots’, along with their support and
resistance levels.
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////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 10/07/2014
// Pivot points simply took the high, low, and closing price from the previous period and 
// divided by 3 to find the pivot. From this pivot, traders would then base their 
// calculations for three support, and three resistance levels. The calculation for the most 
// basic flavor of pivot points, known as ‘floor-trader pivots’, along with their support and 
// resistance levels.
////////////////////////////////////////////////////////////
study(title="Pivot Point", shorttitle="Pivot Point", overlay = true)
width = input(2, minval=1)
xHigh  = security(tickerid,"D", high[1])
xLow   = security(tickerid,"D", low[1])
xClose = security(tickerid,"D", close[1])
vPP = (xHigh+xLow+xClose) / 3
vR1 = vPP+(vPP-xLow)
vS1 = vPP-(xHigh - vPP)
vR2 = vPP + (xHigh - xLow)
vS2 = vPP - (xHigh - xLow)
vR3 = xHigh + 2 * (vPP - xLow) 
vS3 = xLow - 2 * (xHigh - vPP)
plot(vS1, color=#ff0000, title="S1", style = circles, linewidth = width)
plot(vS2, color=#ff002a, title="S2", style = circles, linewidth = width)
plot(vS3, color=#ff014a, title="S3", style = circles, linewidth = width)
plot(vR1, color=#009600, title="R1", style = circles, linewidth = width)
plot(vR2, color=#006F00, title="R2", style = circles, linewidth = width)
plot(vR3, color=#004900, title="R3", style = circles, linewidth = width)

Comments

Hello,

I know this is a stupid question, but how can I add this to my charts? Haha


Thanks a lot!
+17 Reply
how do you adjust this to weekly / monthly pivots?
+8 Reply
Ukendt andrewwhittle
@andrewwhittle, I guess you'll change TickerId from "D" to "W"?
Reply
Hi, Can I load this into MT4 indicators and how is that done exactly I'm not sure as I thought copy and paste.
Will I have to make a new folder within my indicators.
Appreciate your help.
John
+2 Reply
HPotter jayceetrader
I think it is not possible.
+1 Reply
@HPotter,

This works great on intraday charts. Is there anyway I can get the weekly or monthly pivots plotted when viewing the daily chart for example?
+17 Reply
there is no version with pivot point and middle support and resistance ?
+1 Reply
Favourite indicator
Reply
this example looks completely different from what it actually appears when added to my chart. very confusing.
Reply
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