Combining Daily and Weekly Pivot Points

Summary

The document describes an indicator that plots daily and weekly pivot points together. Each pivot is calculated as the arithmetic mean of the relevant period’s high, low, and close. The weekly calculation tracks the period’s price range and closing value, while the daily calculation uses prior daily bars, with a separate lookup for the first day of the week. The plotted lines are intended to help traders compare the two reference levels on one chart.

The author presents the indicator as a basis for developing and backtesting strategies, but provides no specific entry or exit rules and no performance evidence. The code is platform-specific, and its handling of week boundaries and prior-period data should be checked against the chart’s session and calendar settings. The document explains how to calculate and display the levels; it does not establish that pivot-based trades are profitable.

Key ideas

• A pivot point is calculated from a period’s high, low, and close.
• The indicator displays daily and weekly pivot levels together.
• Daily values are drawn from prior daily bars, with a special lookup at the week’s start.
• The source suggests the levels as inputs for strategy research but reports no tested results.
• Platform and session settings may affect how the code handles period boundaries.

Tags

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