Classic and Fibonacci Daily Pivot Levels from the Prior Session

Summary

This document explains a MetaTrader indicator that derives daily pivot support and resistance levels from the high, low, and close of the previous completed daily candle. It displays a central pivot point along with three resistance and three support levels, can be used on charts of any timeframe, and allows individual levels, visual styling, and price labels to be adjusted. The classic pivot point is the average of the prior session’s high, low, and close. The Fibonacci variant derives levels from that pivot using fractions of the prior day’s trading range.

The indicator is presented as an analysis aid rather than an automated trading system: it does not open or manage positions. The description provides formulas but no empirical evidence that these levels predict price behavior or improve results. Traders would need to define their own entry, exit, and risk rules and evaluate the levels against suitable data before relying on them.

Key ideas

• Daily levels are calculated from the previous completed daily candle.
• The classic pivot is the mean of that candle’s high, low, and close.
• The Fibonacci variant applies range fractions to the pivot to derive support and resistance levels.
• The indicator visualizes levels but does not place or manage trades.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.