Daily Fibonacci Pivot Levels from the Previous Session

Summary

This indicator plots daily pivot, support, and resistance levels from the previous day’s high, low, and close. It calculates the central pivot as the average of those three prices, then offsets support and resistance levels by 38.2%, 50%, 61.8%, and 100% of the prior day’s high-low range. The included 50% levels are intended to help identify possible retracement targets after a strong move.

The description targets Forex and says the method can also be applied to indices with limited trading hours, while noting that end-of-day pivots may work better for index markets. These levels are reference zones rather than tested forecasts: the document supplies no backtest, examples, execution rules, or risk controls. Results may depend on session boundaries and the quality of the prior-session OHLC data, so the levels alone do not establish a trading edge.

Key ideas

• The central pivot uses the previous session’s high, low, and close.
• Support and resistance levels extend from the pivot by fractions of the previous day’s range.
• The indicator includes 50% retracement levels alongside 38.2%, 61.8%, and 100% levels.
• The author describes Forex use and suggests end-of-day pivots for index markets.
• The document provides no performance testing or complete trading plan.

Tags

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