I had some requests to add midpoints to my Formatted Pivot Points indicator. I had also made some changes over time that I had not incorporated into the published script yet, so this version has them as well. There’s nothing magic about the pivots, they are just the standard pivot points that many traders use. Here’s an overview of the extra features they have:
Timeframe: Day, Week, or Month. Choose the timeframe for the pivot points calculation.
Show only Today: Yes or No. Yes means that you will only see the pivots for today, No means you can see past pivot levels.
Dynamic Hide: Yes or No. Yes means that faraway pivot levels will be hidden. No shows all the levels.
Zone: Input a number. This plots a band +/- the input number around R1, the Pivot, and S1. I find this useful for visualizing these levels as a zone rather than as a discrete level. I use a value of around 1 or 2 on the ES. Each band plots green if price is currently above it, red if price is currently below it, and orange if price is currently inside it. If you don’t want bands, enter 0.
Show Midpoints: Yes or No. Yes plots the midpoint lines between each level. No hides them all. If you choose Yes here and also choose Yes on Dynamic Hide, then faraway midpoints are hidden along with the pivot levels.
This one is free. Download “Pro_PivotsSTUDY.ts” from “Released Thinkscript Studies” on my Google site. Thanks for reading and your support! You can always donate if you feel like my work adds value to your trading.