Overview

Advanced Pivot Levels (Weekly) is a cutting-edge tool tailored for day and swing traders seeking precise market insights. This indicator calculates weekly pivot levels based on the previous week’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 1 hour timeframe

Plot

Suitable for day and swing trading purposes, I personally suggest to plot the indicator on any timeframe below 1 Day, therefore ranging from 4 Hour to 1 min.

Key features

• Precision entry points: Focused on weekly pivot levels for short-term trading.
• Real-time adaptation: Adjusts dynamically to market movements and volatility.
• Zero lag: Provides actionable data instantly, without delays.
• Versatility: Suitable for all instruments, including stocks, forex, and futures.

Benefits for traders

• Identify critical weekly support and resistance levels with accuracy.
• Anticipate potential breakout or reversal zones during day or swing trading.
• 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 week’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 week’s range bullish extensions
• Support levels: S25, S50, S75, S100, as the previous week’s range bearish extensions

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

Settings

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

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

EXTENSIONS: Plot the previous week’s range extensions

LABELS: Plot the labels of the levels above

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

NEXTEXTENSIONS: Plot the developing Range Extensions for the next week

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 and weekly 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.