Pivot Levels

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Added: Mar 7, 2024
This indicator is free to use on any of the available platforms
TradingView
TradingView
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NinjaTrader
NinjaTrader
Current Version: 1.0.0.1
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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.


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