Pivot indicator.

A tool that allows you to automatically calculate pivot levels, or in other words, levels upon reaching which significantly increases the likelihood of a price reversal.

Pivot indicator - adds 7 important levels to the chart of your chosen currency pair, each of which has its own color for ease of perception.

The tool is absolutely universal and can be used on any currency pairs and time frames. The time of its use also does not matter.

Download the pivot indicator .

Each level is constructed based on the maximum and minimum price values ​​on a certain time frame, as well as the closing price.

Depending on the underlying algorithm, 3 to 7 levels are constructed, in this case 7. In this case, 6 lines act as support and resistance levels, and the middle one acts as a support center, repeating the movements of the trend.
 
The scope of application of the script can be quite wide - searching for entry points into the market, identifying places to close transactions, and using it when placing stop orders.

The pivot indicator is used mainly when trading using channel strategies , the main principles of which are opening trades when a level is broken or when the price turns and moves in the opposite direction.
 
If you wish, you can change the color of the pivot indicator levels and increase or decrease the scale of the chart display in the trading terminal.