Daily Floor-Trader Pivot Breakout Strategy

Summary

This strategy calculates daily floor-trader pivot levels from the previous day’s high, low, and close. It averages those values for the central pivot and derives first resistance and support from the distance between the pivot and the prior day’s range. On the current chart, a close above first resistance sets a long position, while a close below first support sets a short position. The position signal persists between those thresholds, and an input can reverse its direction.

The script submits strategy entries according to that state and colors bars to indicate long, short, or neutral conditions. It plots the first support and resistance levels; although the description mentions three support and resistance levels, the code shown calculates and plots only the first of each. No stop-loss, profit target, market, timeframe, or backtest results are specified, and the educational note cautions that this is not trading advice. Results would depend on instrument, session boundaries, data handling, and strategy execution assumptions.

Key ideas

• The central daily pivot is the average of the previous day’s high, low, and close.
• First resistance and support are calculated from the pivot and the prior day’s range.
• A close beyond either level sets a persistent directional position signal.
• The direction can be inverted, and chart bars are colored to show the signal state.
• The displayed implementation provides no performance results or defined risk exits.

Tags

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