Using Previous-Day Levels and Pivot Points in an India Session Strategy

Summary

This Pine strategy plots prior-day high and low, the classic pivot point calculated from the prior day's high, low, and close, and its first support and resistance levels. It also calculates a typical-price series from the previous bar. Display options let users choose which levels appear, while inputs offer a choice of reference level, long or short trading, a per-trade loss setting, and session hours.

The excerpt ends before the entry and exit rules, so it does not establish how the levels trigger trades or how the loss setting is applied. It provides no backtest results or evidence of performance. The visible code also uses lookahead when requesting prior daily data, a detail readers should inspect when assessing historical calculations. Treat it as a partial example of intraday reference-level construction, not a fully documented strategy.

Key ideas

• Prior-day high, low, and close are used to calculate a classic central pivot and first support and resistance levels.
• The script includes options to display those levels and the prior day's extremes on a chart.
• A typical-price value is calculated from the previous bar's high, low, and close.
• The excerpt does not show the strategy's entry, exit, or performance rules.

Tags

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