This is a MTF pivot point indicator. I was unhappy with the standard pivot point indicator in Trading View as I wanted to be aware of how price was interacting with pivot points on a higher timeframe. For example, if I'm on the 1H time frame looking at daily pivots, I want to be sure that my trading plan to move between these pivots does not contradict what price is trying to do in relation to the weekly pivots. In addition, sometimes daily and weekly pivots will align increasing probability of a bounce
Ultimately its about trying to automate as much as possible to quickly have an awareness of what might be happening on the timeframe above without having to manual enter levels.
I concluded I don't like the results of this script - whilst i clearly see price interacting with pivots on the current timeframe and higher timeframes there is too much screen clutter on the screen for me.
Rather than delete the script I thought I'd make it available for other people to use. I hope its useful to people. Good luck
(For the record it actually takes a little thinking outside the box to make so many pivots display - you can't just plot hlines. If your a pinescript geek you might like the code)
Have been trying to understand the script code. If I apply the code to a daily chart (exchange NSE, India ), only the yearly pivots are visible. I have gone through the settings and can't understand what I am doing wrong which does not make the weekly or monthly pivots visible on daily charts. Weekly and monthly pivots are visible on charts with an intra-day resolution.
Can you please help me figure this out?
Thanks very much Cheers
Betinhocruz
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Thanks!
john_everist
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Note that the daily pivots align with the daily open-close of your exchange. So be aware that if your trading NY but your exchange open-close is Malta (for example) you will not be looking at the same pivots as the majority of NY traders. Just something to be aware of.
Have been trying to understand the script code. If I apply the code to a daily chart (exchange NSE, India ), only the yearly pivots are visible. I have gone through the settings and can't understand what I am doing wrong which does not make the weekly or monthly pivots visible on daily charts. Weekly and monthly pivots are visible on charts with an intra-day resolution.
Can you please help me figure this out?
Thanks very much
Cheers