Pro Pivots: Pivot Points Indicator for Think or Swim

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. 🙂

Dynamic-Hiding Pivot Points

I updated this post on Formatted Pivot Points. I uploaded a new version of this indicator, called “DynamicHidingPivotsSTUDY.ts” to my Google Site, under “Released Thinkscript Studies“. This version works on any timeframe, and can do Daily, Weekly or Monthly pivots. Plus, you can show all pivots in your chart date range, or only the values for the most recent day.

Some Work In Progress: Pivot Points Using “VWAP” Instead Of “Close”

One thing I have sporadically messed around with is this: What if you made a new Pivot Points calculation, but instead of using yesterday’s High, Low and Close, you used yesterday’s High, Low, and End-of-Day VWAP? Wouldn’t that give you a more “value” based pivot point calculation?

I leave this as an exercise for the reader, as I kind of lost interest with my ADD self and didn’t want to write an article. But since it might be interesting to someone, here it is as a “beta”.

My initial looks said it made the pivot levels wider in general, which I’m not sure is what we would want. In any event, the code is freely available in my “Work in Progress” page under the name “NewPivotVWAPSTUDY.ts”. Mess around with it and feel free to comment on any ideas or observations you may have!

Formatted Pivot Points for Think or Swim

UPDATE SEP 10 2009: Uploaded a new version of this indicator, called “DynamicHidingPivotsSTUDY.ts” to my Google Site, under “Released Thinkscript Studies“. This version works on any timeframe, and can do Daily, Weekly or Monthly pivots. Plus, you can show all pivots in your chart date range, or only the values for the most recent day.

UPDATE FEB 27 2009: Changed the dynamic hiding to operate on prior bar instead of current bar. Then you don’t get epileptic seizures from the hiding flipping on and off. I also had to add code to handle this hiding if you add extra bars to your chart under settings.

Think or Swim recently included automatic pivot points as a new indicator. Excellent! But you can’t change the formatting of them, so you get only dots, and you have to manually turn the levels on or off if you don’t want to see all of them. Bogus! Oh well, easy enough to write your own Thinkscript to handle formatting.

I like my pivot point line to be gray, and the support lines green, the resistance lines red. I also like dash size and line thickness to denote level (e.g. S1, S2, S3). Finally, I want the pivots to dynamically hide and show themselves based on where price is currently. I find it useful to plot R1, PP and S1 at the same time, and fit those levels to the screen. This helps to keep a proper sense of scale for the day’s probable range. But if price goes up above R1 or R2, fitting all those levels to the chart washes out the price action. This Thinkscript lets me fit studies to the chart, but only show levels I’m interested in based on where price is currently located. There is an input to switch dynamic hiding off, so you can easily see all levels if you want to: