tbiktag

Pivot Spotlight: Filtering of Multi Time Frame Pivot Points

The script displays standard pivot points and the corresponding support (S) and resistance (R) levels closest to the current price. It simultaneously plots levels calculated on different timeframes (daily, weekly, monthly, yearly). Plotted levels are selected by means of a filtering window that instantly follows the price.

I personally use this script for intraday trading, but it is also compatible with higher time frames.


INPUT DESCRIPTION

Filtering window width:
A real number that defines the filtering range as a fraction of the previous high-low range on a higher timeframe.
For example, for a daily resolution and Filtering window width = 2.0, the filtering range equals 2.0*(previous month HIGH - LOW).

Max number of levels plotted:
If the filtering window is very broad, this parameter limits the number of displayed levels.

Type of pivot points:
Available options are Traditional, Fibonacci, Woodie, Classic, Demark , Camarilla .

Show Yearly (Monthly, Weekly, Daily) Pivots:
Pivots timeframes to display.
Note, however, that regardless of this input only the pivot levels of the timeframes higher than the current chart resolution will be plotted. For example, if the chart resolution is hours or days, only weekly, monthly and yearly levels will be displayed; daily levels will be omitted.


OUTPUT DESCRIPTION

The levels are labeled in accordance with the timeframe they are calculated on. For example, S1D is the first daily S level; R2W is the second weekly R level; PM is a monthly pivot point .
Release Notes: Fixed an issue with Woodie's pivot points.
Release Notes: fixed a small bug in the sorting subroutine
Release Notes: Major update

In the updated version, the approach to the processing of displayed objects (lines and labels) has been significantly redesigned. As a result, the existing bugs were fixed (such as duplicate display of labels, incorrect line behavior in the presence of time gaps in the chart).

New features added:
  • The line width and style, as well as the label font size and color are now fully customizable.
  • The line length can be changed by defining the input parameters Line Length Forward and Line Length Back.
  • The values of the pivot levels can be displayed by switching the Print Values option.

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A word of caution: always be aware of the risks and do not interpret data produced by the script or contained in the preview chart as trading advice.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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