Pivot Oscillator with Alternative Pivot Formulas and Levels

Summary

This indicator turns pivot points into an oscillator and offers four formulas for calculating the pivot from the prior period’s high, low, close, and, in some variants, open. It also lets users choose between two methods for calculating support and resistance levels, including an alternate approach that produces tighter third support and resistance levels than the original method.

The description says the indicator is standalone and supports multiple timeframes. It provides no performance evidence, trading rules, or guidance on interpreting oscillator values. The alternate formulas and level calculations are configurable calculation choices; the document does not compare their behavior across markets or establish that one is more effective.

Key ideas

• The indicator represents pivot points as an oscillator.
• It provides four pivot formulas using prior-period price data.
• Users can choose between original and alternate support and resistance calculations.
• The alternate method is described as producing tighter third-level bands.
• The indicator is standalone and supports multiple timeframes.

Tags

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