HPotter

Dynamic Pivot Point

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This Pivot points is calculated on the current day.
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 11/07/2014
// This Pivot points is calculated on the current day.
// 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="Dynamic Pivot Point", shorttitle="Dynamic Pivot Point", overlay = true)
width = input(2, minval=1)
xHigh  = security(tickerid,"D", high)
xLow   = security(tickerid,"D", low)
xClose = security(tickerid,"D", close)
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)
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