OPEN-SOURCE SCRIPT
Updated Pivot Points [Daily, Weekly or Monthly] {DCAquant}
Description:
The Pivot Points Indicator by DCAquant is a versatile and customizable tool designed for traders who utilize support and resistance levels to make informed decisions. This indicator allows you to choose between daily, weekly, or monthly pivot points, providing flexibility to suit your trading style. It overlays directly on your price chart, making it easy to visualize key levels of support and resistance.
Features:
Timeframe Selection: Choose between daily, weekly, or monthly pivot points based on your trading preference.
Customizable Colors: Adjust the colors for each support and resistance line to match your charting style.
Visual Clarity: The indicator plots three levels of support and three levels of resistance for the selected timeframe, offering a clear and structured view of potential price movements.
How It Works:
The indicator calculates pivot points and their corresponding support and resistance levels based on the high, low, and close prices of the selected timeframe. The calculations are as follows:
Pivot Point (P): (High + Low + Close) / 3
Support and Resistance Levels:
S1 = (2 * P) - High
R1 = (2 * P) - Low
S2 = P - (High - Low)
R2 = P + (High - Low)
S3 = P - 2 * (High - Low)
R3 = P + 2 * (High - Low)
Usage:
Add the Indicator: Search for "Pivot Points {DCAquant}" in the TradingView indicator library and add it to your chart.
Select Timeframe: Use the input dropdown to select "Daily," "Weekly," or "Monthly" pivot points.
Customize Colors: Adjust the colors of the support and resistance lines through the input settings to match your chart preferences.
Example:
If you select "Daily" from the dropdown, the indicator will plot the daily pivot point and its corresponding support and resistance levels on your chart. These levels help identify potential reversal points and guide your trading decisions.
The Pivot Points Indicator by DCAquant is a versatile and customizable tool designed for traders who utilize support and resistance levels to make informed decisions. This indicator allows you to choose between daily, weekly, or monthly pivot points, providing flexibility to suit your trading style. It overlays directly on your price chart, making it easy to visualize key levels of support and resistance.
Features:
Timeframe Selection: Choose between daily, weekly, or monthly pivot points based on your trading preference.
Customizable Colors: Adjust the colors for each support and resistance line to match your charting style.
Visual Clarity: The indicator plots three levels of support and three levels of resistance for the selected timeframe, offering a clear and structured view of potential price movements.
How It Works:
The indicator calculates pivot points and their corresponding support and resistance levels based on the high, low, and close prices of the selected timeframe. The calculations are as follows:
Pivot Point (P): (High + Low + Close) / 3
Support and Resistance Levels:
S1 = (2 * P) - High
R1 = (2 * P) - Low
S2 = P - (High - Low)
R2 = P + (High - Low)
S3 = P - 2 * (High - Low)
R3 = P + 2 * (High - Low)
Usage:
Add the Indicator: Search for "Pivot Points {DCAquant}" in the TradingView indicator library and add it to your chart.
Select Timeframe: Use the input dropdown to select "Daily," "Weekly," or "Monthly" pivot points.
Customize Colors: Adjust the colors of the support and resistance lines through the input settings to match your chart preferences.
Example:
If you select "Daily" from the dropdown, the indicator will plot the daily pivot point and its corresponding support and resistance levels on your chart. These levels help identify potential reversal points and guide your trading decisions.
Release Notes
Added a Central Pivot Point in Silver to mark the midline of all price action.Release Notes
Added a User Defined Custom Timeframe Option to plot Pivot pointsRelease Notes
Cleaned up some code.Release Notes
.Release Notes
Removed redundant code. Support and Resistance calculations from Prof. Michael's bootcamp.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.