Overview

Advanced Pivot Levels (Daily) is a cutting-edge tool tailored for day traders seeking precise market insights. This indicator calculates daily pivot levels based on the previous session’s high, low, and close, offering actionable support and resistance zones in real time. Designed for accuracy and adaptability, it empowers traders to navigate volatile intraday markets with confidence.

Example

Indicator plot on 5 minute timeframe

Plot

Suitable for day traging purposes, I personally suggest to plot the indicator on any timeframe below 1H, therefore ranging from 30 min to 1 min.

Key features

• Daily precision: Focused on daily pivot levels for short-term trading.
• Real-time adaptation: Adjusts dynamically to market movements and volatility.
• Zero lag: Provides actionable data instantly, without delays.
• Intraday versatility: Suitable for all instruments, including stocks, forex, and futures.

Benefits for traders

• Identify critical daily support and resistance levels with accuracy.
• Anticipate potential breakout or reversal zones during intraday sessions.
• Enhance trade timing with reliable pivot-based signals.
• Analyze short-term market trends and structure for strategic decision-making.

How it works 

This indicator calculates a set of daily pivot levels derived from the previous session’s high, low, and close. The levels include:

• Core Pivot levels: Central Pivot (PP), Top Pivot (TP), and Bottom Pivot (BP), which combined form the Central Pivot Range (CPR)
• Resistance levels: R25, R50, R75, R100, as the previous day’s range bearish extensions
• Support levels: S25, S50, S75, S100, as the previous day’s range bearish extensions

These levels act as critical decision-making zones for day traders, highlighting areas where market participants are likely to react.

Settings

HLC: Plot the high, low and close of the previous day

CPR: Plot the Central Pivot Range based on high, low and close of the previous day

EXTENSIONS: Plot the previous day’s range extensions

LABELS: Plot the labels of the levels above

NEXTCPR: Plot the developing Central Pivot Range for the next day

NEXTEXTENSIONS: Plot the developing Range Extensions for the next day

Who can use it?

• Day traders looking for precise levels to plan intraday trades.
• Scalpers seeking reliable zones for quick decision-making.
• Swing traders analyzing daily pivots in conjunction with larger trends.

Reference

The methodology behind these pivot calculations is inspired by the work of Frank Ochoa, whose teachings provide a foundation for this tool. This indicator is independently developed and optimized for ProRealTime.