Pivot-Point Indicator with Projected Support and Resistance Levels

Summary

This document shares a chart indicator based on pivot points. It lets the user select a price input, such as weighted close, typical price, median price, or close, and includes a rewind setting to shift the referenced bars. From a prior price and earlier bar highs and lows, it calculates three ascending resistance levels and three descending support levels, along with midpoint levels between successive projections. It displays the levels and a marker based on whether the resistance and support values meet a set of ordering conditions.

The author says the indicator is old and that they no longer remember its operation in detail. The document provides formulas and display logic, but no explanation of how to interpret the levels, no trading rules, and no backtest or performance evidence. Treat it as an undocumented indicator reference rather than a validated trading method.

Key ideas

• The indicator uses a selectable price series and earlier bar highs and lows to calculate projected pivot-based levels.
• It plots three resistance levels, three support levels, and midpoint values between successive levels.
• A rewind setting shifts the bars used in the calculations and the optional analysis marker.
• A displayed check or cross reflects ordering conditions among the calculated support and resistance values.
• The author does not explain the intended interpretation or provide performance evidence.

Tags

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