yeungshawn

Simple DeMark Pivot Points (Combined Daily+Weekly+Monthly)

yeungshawn Updated   
Why Pivot Point is popular?

Because unlike most indicators, it's not lagging! It is forward-looking, it's real-time, it's just right there.
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I don't like many indicator lines crossing my screen everywhere, just as some Pivot Point indicators did, i would rather to keep it neat and clean.

So I wrote this simple DeMark pivot point indicator, gathering all daily/weekly/monthly pivot point, but just dots, without any lines, to keep your screen as clean as possible.
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If you want the dots stay a little further from your bars, you can adjust the "offset" parameter in the code. The larger the number is, the further the dot stays.
Release Notes:
The closing price of a daily bar on TradingView is based on a Settle price from the exchange. The exchanges, at times, send this value before the close of the trading day, which leads to the situation when the price for daily-based resolutions does not change after receiving this Settle value, while the price changes still occur at smaller resolutions, since the construction of intraday bars is based on the actual trades produced.

So quite importantly, daily candle built based on the intraday data with the Last price IS DIFFERENT FROME the Settle.

I replace the D with 1440 in the script, making the daily PP more accurate. But Weekly and monthly PP is still not as accurate as daily.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

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