# Fib Pivot Points HL

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This TradingView indicator allows users to select a specific timeframe (TF) and then analyzes the high, low, and closing prices from the past period within that TF to calculate a central pivot point. The pivot point is determined using the formula (High + Close + Low) / 3, providing a key level around which the market is expected to pivot or change direction.

In addition to the central pivot point, the indicator enhances its utility by incorporating Fibonacci levels. These levels are calculated based on the range from the low to the high of the selected timeframe. For instance, a Fibonacci level like R0.38 would be calculated by adding 38% of the high-low range to the pivot point, giving traders potential resistance levels above the pivot.

Key features of this indicator include:

Timeframe Selection: Users can choose their desired timeframe, such as weekly, daily, etc., for analysis.
Pivot Point Calculation: The indicator calculates the pivot point based on the previous period's high, low, and closing prices within the selected timeframe.
Fibonacci Levels: Adds Fibonacci retracement levels to the pivot point, offering traders additional layers of potential support and resistance based on the natural Fibonacci sequence.

This indicator is particularly useful for traders looking to identify potential turning points in the market and key levels of support and resistance based on historical price action and the Fibonacci sequence, which is widely regarded for its ability to predict market movements.

Example:
Suppose you're analyzing the EUR/USD currency pair using this indicator with a weekly timeframe setting. The previous week's price action showed a high of 1.2100, a low of 1.1900, and the week closed at 1.2000.

Using the formula ( High + Close + Low ) / 3 (High+Close+Low)/3, the pivot point would be calculated as ( 1.2100 + 1.2000 + 1.1900 ) / 3 = 1.2000. Thus, the central pivot point for the current week is at 1.2000.

The range from the low to the high is 1.2100 − 1.1900 = 0.0200 1.2100−1.1900=0.0200.

To calculate a specific Fibonacci level, such as R0.38, you would add 38% of the high-low range to the pivot point: 1.2000 + ( 0.0200 ∗ 0.38 ) = 1.2076 1.2000+(0.0200∗0.38)=1.2076. Thus, the R0.38 Fibonacci resistance level is at 1.2076.

Similarly, you can calculate other Fibonacci levels such as S0.38 (Support level at 38% retracement) by subtracting 38% of the high-low range from the pivot point.

Traders can use the pivot point as a reference for the market's directional bias: prices above the pivot point suggest bullish sentiment, while prices below indicate bearish sentiment. The Fibonacci levels act as potential stepping stones for price movements, offering strategic points for entry, exit, or placing stop-loss orders.
リリースノート:
This indicator allows users to select a specific timeframe (TF) and then analyzes the high, low, and closing prices from the past period within that TF to calculate a central pivot point.

The pivot point is determined using the formula (High + Close + Low) / 3, providing a key level around which the market is expected to pivot or change direction.

In addition to the central pivot point, the indicator enhances its utility by incorporating Fibonacci levels. These levels are calculated based on the range from the low to the high of the selected timeframe. For instance, a Fibonacci level like R0.38 would be calculated by adding 38% of the high-low range to the pivot point, giving traders potential resistance levels above the pivot.

Key features of this indicator include:

Timeframe Selection: Users can choose their desired timeframe, such as weekly, daily, etc., for analysis.
Pivot Point Calculation: The indicator calculates the pivot point based on the previous period's high, low, and closing prices within the selected timeframe.
Fibonacci Levels: Adds Fibonacci retracement levels to the pivot point, offering traders additional layers of potential support and resistance based on the natural Fibonacci sequence.

This indicator is particularly useful for traders looking to identify potential turning points in the market and key levels of support and resistance based on historical price action and the Fibonacci sequence, which is widely regarded for its ability to predict market movements.

Example:
Suppose you're analyzing the EUR/USD currency pair using this indicator with a weekly timeframe setting. The previous week's price action showed a high of 1.2100, a low of 1.1900, and the week closed at 1.2000.

Using the formula (High + Close + Low) / 3, the pivot point would be calculated as (1.2100 + 1.2000 + 1.1900) / 3 = 1.2000. Thus, the central pivot point for the current week is at 1.2000.

The range from the low to the high is 1.21 − 1.19 = 0.02

To calculate a specific Fibonacci level, such as R0.38, you would add 38% of the high-low range to the pivot point: 1.2000 + (0.02 x 0.38 ) = 1.2076. Thus, the R0.38 Fibonacci resistance level is at 1.2076.

Similarly, you can calculate other Fibonacci levels such as S0.38 (Support level at 38% retracement) by subtracting 38% of the high-low range from the pivot point.

Traders can use the pivot point as a reference for the market's directional bias: prices above the pivot point suggest bullish sentiment, while prices below indicate bearish sentiment. The Fibonacci levels act as potential stepping stones for price movements, offering strategic points for entry, exit, or placing stop-loss orders.
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