yeungshawn

Simple Pivot Points with dots, not lines(manual setup)

1. Why Pivot Point is popular?
Because unlike most indicators, it's not lagging! It is forward-looking, it's real-time, it's just right there.

2. Why this script is created?
I don't like many indicator lines crossing my screen everywhere, just as some Pivot Point indicators did. So I wrote this script to keep my screen as clean/neat as possible.

3. MUST READ before you add this “manual setup” version to your chart
I'm a E-mini S&P500 future trader, and I found the close prices on Daily chart is different from the ones on lower timeframe occasionally.
So I asked some TradingView staff and the reply was:
The closing price of a daily bar on TradingView is based on a Settle price from the exchange. The exchanges, at times, send this value before the close of the trading day, which leads to the situation when the price for daily-based resolutions does not change after receiving this Settle value, while the price changes still occur at smaller resolutions, since the construction of intraday bars is based on the actual trades produced.

So, in order to use the most accurate price,
  • I replace the D(representing the Daily timeframe ) with 1440(representing 1440 minutes) in the script, making the daily Pivot Points more accurate.
  • The default Pivot Points are from daly timeframe.
  • You have to set the "last week/month close" in the "script settings" MANUALLY to ensure the weekly/monthly Pivot Point is the most accurate.

4. What if you don't want to go through the hassle of setting it up manually?
If the tickers you trade doesn't have the occasional problems as mentioned before, you can search the "Simple Pivot Points with dots, not lines(automatic setup)" version which uses the default close prices on each timeframe.

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If you want the dots stay a little further from your bars, you can adjust the "offset" parameter in the code. The larger the number is, the further the dot stays.

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