This Fibonacci pivot point indicator is for use in the Forex markets. R1 & R2 are 38.2% and 61.8% extensions, R3 is 100% retrace. Included is a daily 50% retrace to is take advantage of strong market moves by identifying a possible 50% daily retrace target. Pivots are based on previous OHLC from the previous day
It can be used on Indices (Limited trading hours/cash markets). However, EOD pivots are more effective on index trading.
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//HARKO Day Trading //www.harkoltd.com //Includes 50% retrace level to help with market pullbacks after a strong move //Oct 20201 defparam drawonlastbaronly = true P = UNDEFINED S1 = UNDEFINED S2 = UNDEFINED S3 = UNDEFINED S50 = UNDEFINED R1 = UNDEFINED Rr2 = UNDEFINED R50 = UNDEFINED R3 = UNDEFINED // Daily Fibo pivots to identify support and sesistance levels if today[0] = date[0] then dh = DHigh(1) dl = DLow(1) P = (dh + dl + DClose(1))/3 S1 = P - .382 * (dh-dl) S2 = P - .618 * (dh-dl) S50 = P - .5 * (dh-dl) S3 = P - 1 * (dh-dl) R1 = P + .382 * (dh-dl) Rr2 = P + .618 * (dh-dl) R50 = P +.5 * (dh-dl) R3 = P + 1 * (dh-dl) //vertical offset to draw text correctly over horizontal lines, the offset can been change as required Voffset = 1*pipsize //draw pivot points text DRAWTEXT(" Daily Pivot",barindex-2,P+Voffset,SansSerif,Bold,10) DRAWTEXT("S1",barindex-2,S1+Voffset,SansSerif,Bold,10) DRAWTEXT("S2",barindex-2,S2+Voffset,SansSerif,Bold,10) DRAWTEXT("S3",barindex-2,S3+Voffset,SansSerif,Bold,10) DRAWTEXT("50%",barindex-2,S50+Voffset,SansSerif,Bold,10) DRAWTEXT("R1",barindex-2,R1+Voffset,SansSerif,Bold,10) DRAWTEXT("R2",barindex-2,RR2+Voffset,SansSerif,Bold,10) DRAWTEXT("50%",barindex-2,R50+Voffset,SansSerif,Bold,10) DRAWTEXT("R3",barindex-2,R3+Voffset,SansSerif,Bold,10) ENDIF RETURN P COLOURED(45,75,240) as "Pivot", S1 COLOURED (235,5,30) as "S1", S2 COLOURED (235,5,30) as "S2",S3 COLOURED (235,5,30) as "S3",S50 as "S50", R1 COLOURED(30,235,5) as "R1", Rr2 COLOURED(30,235,5) as "R2", R3 COLOURED(30,235,5) as "R3",R50 as "R50" |
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I also have an End Of Day (EOD) cash pivot indicator for use on cash markets; this indicator works on all index markets; follow this link: https://www.prorealcode.com/prorealtime-indicators/eod-cash-market-pivots-index-trading/