tbiktag

Nearest Multi-Timeframe Pivot Points

This tool simultaneously processes pivot points (standard) calculated on different timeframes, and plots the nearest and the next-nearest ones with respect to the current price. The indicator can be used as a part of a trading strategy, for example, to select stop loss and target prices, identify potential support and resistance levels, etc. Optionally, it also gives signals when the price breaks one of the nearest levels.


Input Description

In the input, you can specify the type of pivot point . Available options:
  • Traditional
  • Fibonacci
  • Woodie
  • Classic
  • DeMark
  • Camarilla

Available timeframes (can be chosen simultaneously): 1Y, 1M, 1W, 1D.
Please note that data from timeframes equal to or lower than the timeframe of the chart will be omitted. For example, daily pivots will not appear on the daily chart .


Output Description

In the chart, labels contain information about the timeframe, for instance:
“DS1” denotes the first daily S level, S1;
"MR2" denotes the second the monthly R level;
"YP" corresponds to the yearly pivot point .

The labels corresponding to the next-nearest levels are shown in parentheses.


References

The pivot point calculations are based on the details provided here:
https://www.tradingview.com/support/solu...


Enjoy and feel free to leave your comments below!

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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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