Strong Pivots + Forward looking Pivots + 1-3 std div Pivots
I see this as very useful indicator for improved probability of successful entry/exits. Strong pivots are defined as yearly pivots + those of yearly, monthly and weekly pivots that form double support (not more far away then 2.5% of R2&S2 range.) The calculus is done on classical formula. I may ad other in the future. You can turn off Strong Support and show pivots of your choosing Y, M, W, D, 4h, 1h.
There is also forward looking pivot function, which means that you can estimate where the pivots will be for next year, month and week. Especially useful to use in December to check the next years yearly /strong pivots.
There are also 1-3 Standard Deviation moving pivots available. If price, classical pivots and moving pivots meet in time, this should also be indication of strong support/resistance.
If you happen to make a lot of money with this indicator or would like to have it improved farther send some contribution to 14jvBMALjnTdDjAP1ewdDp785u1nS5VVWH in Bitcoins. If I see contributions on this address I will work to add more improvements like support to cross check with different pivot formulas like Fibbonacci pivots.
Credit goes also to Lazy Bear and Chris Mood. I borrowed some of code from their work.
There is also forward looking pivot function, which means that you can estimate where the pivots will be for next year, month and week. Especially useful to use in December to check the next years yearly /strong pivots.
There are also 1-3 Standard Deviation moving pivots available. If price, classical pivots and moving pivots meet in time, this should also be indication of strong support/resistance.
If you happen to make a lot of money with this indicator or would like to have it improved farther send some contribution to 14jvBMALjnTdDjAP1ewdDp785u1nS5VVWH in Bitcoins. If I see contributions on this address I will work to add more improvements like support to cross check with different pivot formulas like Fibbonacci pivots.
Credit goes also to Lazy Bear and Chris Mood. I borrowed some of code from their work.
Release Notes:
Major update from pine script version 2 to 3, which made it possible to fix the points so that new printed pivot points are not floating anymore (specialty visible on low time frames).
Please upgrade to this version!
Please upgrade to this version!
Release Notes:
Published again just to show better preview
Release Notes:
Added optional RSI Band as support/resistance. Can be turned on/off in options