Session-Aligned Daily Pivot Points for Foreign Exchange

Summary

This indicator calculates daily pivot points from the prior trading session’s high, low, and close. It derives a central pivot as their average, then plots three resistance and three support levels using the session’s high–low range. The author explains that standard daily open and close fields did not align with the trading session used for EUR/USD, so the indicator tracks session boundaries directly.

A configurable time threshold defines when a new day begins, with logic to handle the transition around weekends. At each boundary, the code finalizes the prior session’s close and range, calculates the levels, and begins tracking the next session’s high and low. The note says the resulting levels agree with weekend handling and with an external reference site, but supplies no systematic test or trading-performance evidence. Accuracy depends on chart time settings, data quality, and choosing a session cutoff appropriate to the instrument; the example uses a 23:00 cutoff. Pivot levels are reference prices, not a standalone trading strategy.

Key ideas

• The indicator computes its central pivot from the previous session’s high, low, and close.
• Support and resistance levels are derived from that pivot and the previous session’s price range.
• A configurable daily cutoff lets the calculation match the instrument’s trading session.
• The code includes special handling for weekend transitions.
• The author reports agreement with an external reference, but provides no performance testing.

Tags

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