Pivot Point Monthly - bitcoin by Simon-Rose

Monthly Version:

I have written 3 Indicators because i couldn't find what i was looking for in the library, so you can turn each one on and off individually for better visibility.

This are Daily, Weekly and Monthly Pivot Points with their Resistance and Support Points
and also on the Daily with the range between them.
I will also publish some Ideas to show you how to use them if you are not familiar with the traditional pivot points strategy already.

Unlike the usually 3 support & resistances i added 4 of them, specifically for trading bitcoin (on traditional markets this level of volatility usually never gets touched)

Here you can see which lines are what for reference, as the Feature to label lines is missing in Pinescript (if you have a workaround pls tell me ;) )

This is the basic calculation used :

PP = (xHigh+xLow+xClose) / 3

R1 = vPP+(vPP-Low)
R2 = vPP + (High - Low)
R3 = xHigh + 2 * (vPP - Low)
R4 = xHigh + 3 * (vPP - Low)

S1 = vPP-(High - vPP)
S2 = vPP - (High - Low)
S3 = xLow - 2 * (High - PP)
S4 = xLow - 3 * (High - PP)

If you have any questions or suggestions pls write me :)
Happy trading
Cheers

Daily Version:

Weekly Version:

Release Notes:

Improved coloring