Multi-time frame indicator of Pivot Points levels.
Each closed daily period has its own so – called Pivot Point, which sets the level for the smaller, intraday timeframes of the next day. The Pivot Points indicators that exist in the code base do not have the ability to show the dynamics of changes in the reference levels on the historical data of the price chart.
The formula for calculating the Pivot Point.
Pivot=(High Low Close) /3
High — yesterday’s high;
Low — yesterday’s low;
Close — the closing price of yesterday.
This calculation is also valid for weekly, monthly, and even annual periods.
Without having annual candlesticks on the chart, the reference level for the previous year can be calculated based on the data on the highest and lowest price values achieved during the previous year, as well as having the closing price of the last month of the previous year. And so on, the calculation of the reference level for the month will be the resistance or support line for the weekly chart, and the Pivot Point for the week – for the daily chart.
This is a universal indicator automatic construction of lines with the reference levels are calculated on the basis of pivot points in all periods. In the indicator settings, it is possible to connect the horizontal reference levels with a vertical line, which makes it possible to show an ascending or descending “ladder” of pivot points on the history.
In addition, you can choose the thickness and color of the Pivot Point level line in the settings.
The strategy of trading on the reference levels is as follows. If the market of the current day (period) of trading opens above the Pivot level, then during the trading day (period), preference should be given to transactions for the purchase of an asset. If the price on the market at its opening is below the level, then preference should be given to short trades.
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