Pivot Levels

Added: Mar 7, 2024

This indicator is free to use on any of the available platforms

TradingView

Get Access

NinjaTrader

Current Version: 1.0.0.1

Get Access

Price Action

Support/Resistance

Overview

The Pivot Levels Indicator provides real-time insight into key price levels within the market that can serve as powerful support and resistance levels. These levels are based on currently-relevant price-action information to ensure that the lines being drawn provide the most value to traders regardless of their trading style.

The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.

USAGE

At the beginning of each trading day, the script will identify the previous day’s hlc3 level. We refer to this level as the day’s Source Level, and it is from this price that the other Resistance and Support levels are calculated.

The script then identifies the total price range of the previous day (Previous Day High - Previous Day Low), then draws Resistance and Support lines based on the Source Level and the previous day’s range.

The script identifies these levels on both sides of the Source. Levels above the Source are considered to be points of Resistance and below the Source are considered to be Support, but the levels are free to be interpreted and used in whatever way fits the user’s trading strategy.

A label is drawn at the end of each line that identifies the line and whether it represents support or resistance.. These labels can be disabled in the settings.

SETTINGS

Configuration

• Show Labels: Determines whether or not labels are displayed at the end of each line.
• Display Mode: Determines the number of days for the script to load.

Line Settings

• Resistance Color: Determines the color of the resistance lines and labels above the Source Level.
• Source Color: Determines the color of the source line and label.
• Support Color: Determines the color of the support lines and labels below the Source Level.
• Line width: Determines the width of lines.
• Line Style: Determines the style of lines.

Release Notes:

PRODUCT

COMPANY

OUR AFFILIATES

MY ACCOUNT

Trading is risky and many will lose money in connection with trading activities. All content on this site is not intended to, and should not be, construed as financial advice. Decisions to buy, sell, hold or trade in securities, commodities and other markets involve risk and are best made based on the advice of qualified financial professionals. Past performance does not guarantee future results.

Hypothetical or Simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, including, but not limited to, lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight, and are based on historical information. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.

As a provider of technical analysis tools for charting platforms, we do not have access to the personal trading accounts or brokerage statements of our customers. As a result, we have no reason to believe our customers perform better or worse than traders as a whole based on any content or tool we provide.

Charts used on this site are by NinjaTrader in which the majority of our tools are built on. NinjaTrader® is a registered trademark of NinjaTrader, Inc. www.NinjaTrader.com. NinjaTrader® has no affiliation with the owner, developer, or provider of the Services described herein.

This does not represent our full Disclaimer. Please read our full disclaimer