Intraday Trading with Previous-Day Pivot Levels

Summary

This Indian intraday strategy derives the central pivot point and first support and resistance from the previous day’s high, low, and close. It also tracks the prior day’s high and low and a typical-price reference. Traders can select a level as the trigger and enable long entries, short entries, or both. A long signal occurs when a bar opens below the chosen level and closes above it; a short signal uses the reverse crossing.

The script applies a loss exit based on the previous day’s close multiplied by a configurable loss input, and closes all positions at a user-set hour. It includes session and display settings, though the entry rules are primarily driven by bar prices and the selected hour condition. The document provides code and the author’s description, but no backtest results or performance evidence. Its session handling, loss calculation, and use of lookahead in daily data should be reviewed before interpreting historical results or deploying it; the script alone does not establish profitability.

Key ideas

• The central pivot is calculated from the previous day’s high, low, and close.
• A selectable pivot, support, resistance, or prior-day extreme serves as the entry reference.
• Long and short signals require a bar to open on one side of the reference and close on the other.
• The strategy includes a configurable loss exit and closes positions at a chosen hour.
• The document gives no performance results, and its data handling warrants review.

Tags

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