Pivot Points [Daily, Weekly or Monthly] {DCAquant}

Description:

The Pivot Points Indicator by DCAquant is a versatile and customizable tool designed for traders who utilize support and resistance levels to make informed decisions. This indicator allows you to choose between daily, weekly, or monthly pivot points, providing flexibility to suit your trading style. It overlays directly on your price chart, making it easy to visualize key levels of support and resistance.

Features:

Timeframe Selection: Choose between daily, weekly, or monthly pivot points based on your trading preference.

Customizable Colors: Adjust the colors for each support and resistance line to match your charting style.

Visual Clarity: The indicator plots three levels of support and three levels of resistance for the selected timeframe, offering a clear and structured view of potential price movements.

How It Works:

The indicator calculates pivot points and their corresponding support and resistance levels based on the high, low, and close prices of the selected timeframe. The calculations are as follows:

Pivot Point (P): (High + Low + Close) / 3

Support and Resistance Levels:

S1 = (2 * P) - High
R1 = (2 * P) - Low
S2 = P - (High - Low)
R2 = P + (High - Low)
S3 = P - 2 * (High - Low)
R3 = P + 2 * (High - Low)
Usage:

Add the Indicator: Search for "Pivot Points {DCAquant}" in the TradingView indicator library and add it to your chart.

Select Timeframe: Use the input dropdown to select "Daily," "Weekly," or "Monthly" pivot points.

Customize Colors: Adjust the colors of the support and resistance lines through the input settings to match your chart preferences.

Example:

If you select "Daily" from the dropdown, the indicator will plot the daily pivot point and its corresponding support and resistance levels on your chart. These levels help identify potential reversal points and guide your trading decisions.

版本注释

Added a Central Pivot Point in Silver to mark the midline of all price action.

版本注释

Added a User Defined Custom Timeframe Option to plot Pivot points

版本注释

Cleaned up some code.

版本注释

Removed redundant code. Support and Resistance calculations from Prof. Michael's bootcamp.