Floor Trader Pivot Levels for Breakout-Based Position Switching

Summary

This script calculates floor-trader pivot levels from the selected resolution’s high, low, and close. It derives a central pivot and three support and resistance levels, then lets the user choose which support and resistance level will act as thresholds. A close above the chosen resistance sets a long position; a close below the chosen support sets a short position. Between the thresholds, the previous position is retained, and an optional reverse setting flips the directional signals. The script submits strategy entries accordingly and colors bars to display the current signal.

The document explains the pivot calculation and exposes resolution and level choices, but provides no performance statistics or trade analysis. Its description says the levels use the previous period, while the source requests high, low, and close at the selected resolution without explicitly shifting those series; users should verify how the charting platform handles those values to avoid unintended lookahead or current-period dependence. The script is presented for educational use, so the logic alone does not establish profitability or suitability across instruments and timeframes.

Key ideas

• The central pivot is calculated from the selected resolution’s high, low, and close.
• Three support and resistance levels provide configurable thresholds for switching between long and short positions.
• The strategy retains its prior position while price stays between the selected thresholds.
• A reverse option flips the direction of the signals.
• No backtest performance evidence is included, and the source’s period handling merits verification.

Tags

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