One of the main drawbacks to displaying Pivot Points on a chart is that many times the more extreme pivots (R/S3, R/S4, R/S5) aren't anywhere close to the price action during a timeframe. These extreme pivot points clutter up your chart and make it hard to use the "auto" zoom feature of TradingView.
The "_Auto Pivot Points" indicator solves these problems by automatically only displaying the pivot points if the price has crossed the pivot during the timeframe or it is the next closest pivot . For example, on monthly pivots if the price has only crossed the R1 Pivot then this indicator will display the R2 Pivot and any pivots below but it won't display the R3, R4, R5 pivots . The R3, R4, & R5 pivots are not very useful to the trader because the price hasn't even crossed the R2 Pivot . But as soon as the price crosses the R2 Pivot then this indicator will display the R3 Pivot because it is the next closest. And the same logic applies to the S Pivots .
If you need to see all the Pivots then there is a convenient toggle to display all the pivots by turning off the intelligent auto pivots . But as soon as you don't need to display all the pivots the toggle will turn on the automatic pivots .
This indicator has many style and logic options. This script allows you to control:
Number of past timeframes to display
Displaying Pivot labels
Label position (left/right)
Line color
Line width
Note: TradingView has a limit of 40 security calls per script. Due to this limitation this indicator can only display pivots a max of 7 time periods back.
Note 2: This indicator uses the Traditional pivot calculations.
Sürüm Notları
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Update 1: Line Updates
Can now independently control lines by group: Pivot, Resistance, & Support
Change each groups line color, width, & style
Add ability to change the line style: Solid, Dotted, or Dashed
Great stuff! However, for ES and NQ futures, the pivots are displayed slightly different than the Traditional pivots. They are painted correctly on every other asset I've tested, though. Any idea why this might be? Set to daily.
evanbarth
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@evanbarth, cancel that, i think i figured out why this was happening. Great indicator :)
temel_reis
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Wow, I will say this is a revelation. Many many thanks for sharing this. It will save me a lot of clicks. If I may have two requests; Would you consider adding an option to display values along with the labels. An option to display pivots for a second time frame. What I'm really interested is seeing the pivots for one higher time frame (daily+weekly, weekly+monthly). Much appreciated, thanks again.
Barbacue
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Thank you!
DavidHoong
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I noticed that there are many method to calculate pivot. I want to know which one is best for ES/NQ? Thanks