Hourly Pivot Points Using Standard and Fibonacci Levels
Summary
This indicator description explains a way to plot hourly pivot support and resistance levels. It calculates the first three resistance levels and first three support levels using either a standard pivot-point formula or Fibonacci-based levels, with the user choosing which method to apply. The stated purpose is to show these levels with colored filling, making the displayed zones easier to distinguish on a chart.
The page provides little detail beyond the two calculation options and a brief update note saying that errors in Fibonacci support and resistance calculations and in drawing objects were fixed. It does not specify the formulas, the precise hourly aggregation rules, or how traders should interpret or trade around the levels. No performance results or comparative evidence are given, so the description supports understanding the indicator's design but not judging its predictive value.
Key ideas
- The indicator plots three resistance and three support levels for hourly charts.
- Users can choose between standard pivot calculations and Fibonacci-based calculations.
- Colored filling is used to distinguish the plotted levels.
- The description reports fixes to Fibonacci level calculations and chart drawing, but offers no performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.