Configurable Intraday Pivot Levels Based on Range Fractions

Summary

This indicator calculates intraday pivot levels using fractions of a price range, drawing on an idea attributed to Austin Passamonte. Its default levels are set at 38% and 61% of the range. Users can change the parameters to use the Fibonacci-style levels associated with Passamonte’s article, including 25%, 50%, and 75%, or choose other fractions. Setting a level parameter to zero or below omits that level.

The document also mentions an alternative pivot configuration, which its author considers more logical than the original, but it does not explain the alternative’s calculation or provide the chart example referenced in the text. No market, testing procedure, performance results, or rules for entering and exiting trades are given. The indicator therefore describes a configurable way to plot intraday range-based reference levels; it does not show that those levels predict price movements or form a profitable standalone strategy.

Key ideas

• The indicator plots intraday pivot levels as fractions of a price range.
• Its defaults are 38% and 61%, while the parameters can be changed to other fractions.
• The cited Fibonacci-style alternatives are 25%, 50%, and 75% of the range.
• A level is omitted when its parameter is zero or negative.
• The document gives no test results or trading rules for using the levels.

Tags

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