Daily Pivot Swing Entries with Previous-Day Support and Resistance

Summary

This Pine strategy combines daily classic pivot levels with a 50-period EMA and a 7-period RSI. It calculates the prior day's pivot, support, resistance, and central pivot range, then uses the current close and intraday lows or highs relative to those levels to trigger long or short entries. The script also plots pivot levels and marks selected bullish or bearish conditions.

The accompanying notes describe a bullish framework based on closes above resistance and buying pullbacks toward pivot support. They identify the prior day's S1 as a stop for a long entered after a close above R2, and suggest that a close below S1 on an hourly chart may indicate reversal risk. The code's entry conditions use previous-bar closes beyond R2 or S2 followed by a retracement to selected levels. No performance results are provided, and the notes are incomplete; the code does not implement the stated stop loss or hourly reversal guidance.

Key ideas

• The script derives daily pivot, support, resistance, and central pivot range levels from prior-day data.
• Long entries follow a prior close above R2 and a later low reaching selected pivot support levels.
• Short entries mirror this structure after a prior close below S2 and a later high reaching selected resistance levels.
• The accompanying notes describe S1 as a stop reference for a bullish setup, but the code does not place a stop order.
• The document provides no backtest results, and its written trading rules are only partially complete.

Tags

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