OPEN-SOURCE SCRIPT
MTF Pivots Zones [tanayroy]
Dear Fellow Traders,
I only publish scripts that I use and found good for my trading. Pivots are my favorite indicator. I use daily, weekly, monthly, quarterly, and yearly pivots levels. multiple pivot zones are very strong levels and I like to watch these levels for possible price action.
But when I include all pivots levels at a time, my charts get too clumsy. To see price action properly, you need a clean chart. And when we trade we want to see only important levels within the price horizon.
To resolve this, I created this script, which shows important levels within my display option. I control the display option with 14 periods ATR and a multiplier to adjust the display levels.
The following chart displays levels within 14 ATR * 0.5 multipliers. As the price progress, it will automatically add levels and delete levels that do not come within this option.
What levels are included?
I have used traditional pivot calculation and included Daily, Weekly, Monthly, Quarterly, and Yearly pivots with high and low.
What options are available?
You can replace the yearly timeframe with your desired time frame and can adjust the ATR multiplier to increase or decrease display levels.
Use this in 5m, 15m, or 1H chart or any timeframe below Daily.
Please like, share, and comment.
I only publish scripts that I use and found good for my trading. Pivots are my favorite indicator. I use daily, weekly, monthly, quarterly, and yearly pivots levels. multiple pivot zones are very strong levels and I like to watch these levels for possible price action.
But when I include all pivots levels at a time, my charts get too clumsy. To see price action properly, you need a clean chart. And when we trade we want to see only important levels within the price horizon.
To resolve this, I created this script, which shows important levels within my display option. I control the display option with 14 periods ATR and a multiplier to adjust the display levels.
The following chart displays levels within 14 ATR * 0.5 multipliers. As the price progress, it will automatically add levels and delete levels that do not come within this option.
What levels are included?
I have used traditional pivot calculation and included Daily, Weekly, Monthly, Quarterly, and Yearly pivots with high and low.
What options are available?
You can replace the yearly timeframe with your desired time frame and can adjust the ATR multiplier to increase or decrease display levels.
Use this in 5m, 15m, or 1H chart or any timeframe below Daily.
Please like, share, and comment.
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