Pivot Point Indicator Methods and Previous-Day Levels

Summary

This indicator description explains how to display current pivot levels using the prior bar from a selected calculation period. It offers Standard, Fibonacci, Camarilla, Woody, and DeMark formulas, with an hourly period as the default. Camarilla mode emphasizes its L3–L5 and H3–H5 levels. The indicator also draws the previous day’s high and low, with those lines available only on chart time frames below daily.

Users can adjust line placement, length, color, style, and thickness, and can disable individual lines by setting their color to none. Previous-day levels are optional, and multiple indicator instances can be used to show pivots from different periods, such as daily and weekly. The indicator draws current levels rather than historical pivot series; it suppresses output when the chart time frame is larger than the selected calculation period. The description explains display behavior but gives no trading rules, performance evidence, or guidance on using pivots to enter or exit positions.

Key ideas

• The indicator calculates pivot levels from the previous bar of a chosen period.
• Available pivot formulas include Standard, Fibonacci, Camarilla, Woody, and DeMark.
• It can show the previous day’s high and low on chart time frames below daily.
• Line appearance, placement, and length are configurable, and previous-day levels can be hidden.
• The indicator displays current levels rather than a historical series and omits them on larger chart time frames.
• The description provides no evidence that any pivot formula produces profitable trades.

Tags

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