Pivot-Level Scaling Entries with Exits at the Central Pivot

Summary

This strategy places limit orders around weekly pivot levels, using support levels S1 through S3 for long entries and resistance levels R1 through R3 for short entries. Each filled position targets the central pivot as its exit. The script allows multiple entries through pyramiding and offers several pivot calculation methods, including traditional, Fibonacci, Woodie, classic, DeMark, and Camarilla. It also cancels pending orders when a bar spans the central pivot, then permits order placement again when a new pivot level is calculated.

The document supplies the Pine Script settings, including simulated commission, slippage, order sizing, and pyramiding configuration, but gives no market, test period, or performance report. The approach assumes price may revert from outer pivot levels toward the central level; the source does not add separate protective stop losses. Pivot touches may instead precede continued moves, and the behavior of limit orders and simulated fills can materially affect results. The listed support and resistance entries and central-pivot exits define the method, but do not establish profitability.

Key ideas

• The strategy places long limit orders at support levels and short limit orders at resistance levels.
• Positions opened at the outer levels target the central pivot for exit.
• A bar that crosses the central pivot cancels pending orders until the next pivot calculation.
• Several pivot formulas and weekly anchoring are available, while the script enables pyramiding.
• No test results are provided, and the script does not define protective stop losses for open positions.

Tags

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