PP indicator on daily (weekly, monthly) level, for use in timeframes smaller than daily. I'll skip the part discussing its basic use in trading, you can find that information here: https://en.wikipedia.org/wiki/Pivot_point_(technical_analysis)
Custom deviations from ordinary PP indicators:
This indicator shows daily PP which are calculated on basis of closing price of a preceding trading days' adjustable hourly bar. This is very useful if you wish to take, for example, New Yorks' closing price and not the rather deliberate one of wherever you live or where your broker operates from. The original settings are designed for UTC time zone.
A special challenge lies in the sunday bars that my broker supplies. They are eliminated in this indicator and are displayed in the same way as mondays.
Often the weekly and monthly PP give additional hints for technical analysis. Therefore it is possible to have them displayed as well (see according input variables). You can also have the midpoints for the current day displayed.
To achieve these premises, the PP are calculated differently for mondays and sundays. The calculation thus determines TimeDayOfWeek in a switch, and the formulae slightly differ from each other as needed. The trick used (of which I'm not sure whether it was smart at all) is to determine the actual amount of bars in the hourly timeframe (variable hshift) until day start. To this hourly shift, the needed amount of hourly bar shift is added in order to get the interesting bar whose closing time is used for PP calculation.
There is an important restriction to the indicator:
I think the code is fairly commented and look forward to your benevolent criticism, in order to improve the indicator. If you like it, please rate the indicator in the Code Base and recommend it to your friends!
Gives you information on pip value, spread value, daily pips average, how much you can earn, future range of the present day.SDX-TzPivots
Calculation of pivot and similar levels based on time zones.