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Floor-Trader Pivot Points Guide

The document outlines the calculation of pivot points, which are derived from the high, low, and closing prices of the previous period to establish support and resistance levels for trading. It includes a script for a trading study titled 'Maruti Pivot Point' that plots these pivot points and their corresponding support and resistance levels on a chart. The script utilizes specific calculations and visual representations for traders to analyze market trends.

Uploaded by

Baraiya Gopal
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© All Rights Reserved
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4 views2 pages

Floor-Trader Pivot Points Guide

The document outlines the calculation of pivot points, which are derived from the high, low, and closing prices of the previous period to establish support and resistance levels for trading. It includes a script for a trading study titled 'Maruti Pivot Point' that plots these pivot points and their corresponding support and resistance levels on a chart. The script utilizes specific calculations and visual representations for traders to analyze market trends.

Uploaded by

Baraiya Gopal
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

///////////////////////////////////////////////////////////

// Copyright by Maruti 2025

// Pivot points simply took the high, low, and closing price from the previous period and

// divided by 3 to find the pivot. From this pivot, traders would then base their

// calculations for three support, and three resistance levels. The calculation for the most

// basic flavor of pivot points, known as ‘floor-trader pivots’, along with their support and

// resistance levels.

////////////////////////////////////////////////////////////

//first_candle_timeframe = [Link]( title="First Candle Timeframe", )

study( title="Maruti Pivot Point", shorttitle="Maruti Pivot Point", overlay = true)

width = input(2, minval=1)

High = security(tickerid,"D", high[1] )

Low = security(tickerid,"D", low[1])

//Close = security(tickerid,"D", close[1])

//Open = security(tickerid,"D", open[1])

//Close = security(tickerid,"D", close[1])

//P =(High - Low)

//L = P * 3.14

PP = (High + Low ) / 2

R1 = PP*2-Low

S1 = PP*2-High

R2 = PP + (High - Low)

S2 = PP - (High - Low)

R3 = PP * 2 + (High - 2 * Low) //High + 2 * (vPP - xLow)

S3 = PP * 2 - (2 * High - Low) //Low - 2 * (xHigh - vPP)


plot(PP, color=#080000, title="PP", style = circles, linewidth = width)

plot(S1, color=#ff0000, title="S1", style = circles, linewidth = width)

plot(S2, color=#ff002a, title="S2", style = circles, linewidth = width)

plot(S3, color=#ff014a, title="S3", style = circles, linewidth = width)

plot(R1, color=#009600, title="R1", style = circles, linewidth = width)

plot(R2, color=#006F00, title="R2", style = circles, linewidth = width)

plot(R3, color=#004900, title="R3", style = circles, linewidth = width)

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