Multi-Pivot Strategy with TP/SL

Multi-Pivot Strategy with TP/SL and Dynamic Selection

This strategy allows traders to dynamically choose between four major pivot point calculation methods—Traditional, Camarilla, Fibonacci, and Woodie—to adapt to different trading styles and market conditions. Each method generates support/resistance levels used for decision-making. The script implements a simple yet effective breakout/reversion approach based on price crossing key pivot levels.

🔍 How It Works
Pivot Selection
Traders can select the pivot point type from:

Traditional: Classic formula using (H+L+C)/3.

Camarilla: Intraday levels based on mean reversion.

Fibonacci: Levels derived using Fibonacci ratios.

Woodie: Emphasizes open price more than close.

Signal Logic

Buy: Triggered when price crosses above S1.

Sell: Triggered when price crosses below R1.
These signals assume breakout or reversal behavior depending on support/resistance breaks.

Risk Management

Configurable Stop-Loss and Take-Profit in %.

By default, risks 1.5% SL and targets 3% TP per trade.

Trade size is capped to 10% of equity per position, ensuring realistic exposure.

📊 Backtest Guidelines
The strategy uses a daily pivot source, providing context even on lower intraday charts.

Trade entries are simple to avoid overfitting and yield transparent signal behavior.

Default settings follow reasonable risk exposure and allow traders to validate performance under different conditions.

The script is designed to generate a statistically meaningful sample size (ideally over 100+ trades).

🎯 Use Case
Ideal for:

Day traders using intraday charts

Swing traders looking for structured support/resistance zones

Traders exploring the impact of different pivot styles on market behavior

The strategy offers both breakout and bounce entries, helping users experiment with directional bias and optimize risk-reward ratios.

⚙️ How to Use
Add the script to your chart.

Select your desired pivot type from the dropdown.

Adjust TP/SL based on your risk tolerance.

Optionally refine signals using additional indicators or filters.