Pivot-Level Trading with Configurable Entries, Stops, and Targets

Summary

This strategy calculates pivot points using a selectable formula: Traditional, Fibonacci, Woodie, Classic, or Camarilla. It resets levels on a chosen timeframe, defaulting to daily, and can enter long or short positions when price crosses a selected pivot level or reaches it through a touch-based condition. The entry level, stop, and target are configurable among the central pivot and support or resistance levels. A daily trade counter limits entries, and positions are closed when the pivot period resets.

The script also checks that selected stop and target levels fall on the appropriate side of the average entry price before placing exits. It provides adjustable colors and plots pivot levels, but the document includes no performance results, market-specific testing, or explanation comparing pivot formulas. The code shows the trading rules, not evidence that they are profitable. Outcomes may depend on the chosen pivot method, reset timeframe, entry mode, and exit levels; the daily reset also forces positions closed regardless of whether their stop or target has been reached.

Key ideas

• The strategy offers five pivot calculation methods and a configurable reset timeframe.
• Entries use either a crossing rule or a touch-based rule at a chosen pivot level.
• Stop-loss and take-profit levels can be selected from the central pivot and support or resistance levels.
• A daily limit caps the number of trades, and the strategy closes all positions when pivot levels reset.
• The document provides script logic but no performance evidence or comparison among pivot methods.

Tags

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