Daily, Weekly, and Monthly Pivot Points with Alternative Formulas

Summary

This indicator plots pivot levels for daily, weekly, and monthly periods. It offers four calculation modes for the central pivot, combining prior-period high, low, close, and, in some modes, the current period’s open. From each pivot it derives three resistance and three support levels using the period’s high-low range.

The code updates daily levels at a new day, weekly levels at a new week, and monthly levels at a new month, then returns each level for charting. It describes an implementation of a common technical indicator, but provides no trading rules, performance evidence, or guidance on choosing among the calculation modes. The levels are presented as potential support and resistance references; the document does not establish that price will react to them.

Key ideas

• The indicator calculates pivot levels separately for daily, weekly, and monthly periods.
• Four formula modes vary the weighting of prior-period prices and the current open.
• Each central pivot is used to derive three resistance and three support levels from the period’s price range.
• The document gives no evidence that these levels predict price movements or produce profitable trades.

Tags

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