Weekly Pivot Point
- Indicators
- Version: 5.66
- Updated: 2 July 2022
- Activations: 7
This indicator is used to identify key levels where the trend in price has a greater probability of halting and possibly changing direction. Interpretation of the degree of significance of a level depends on a trader's time frame.
It is great to see how the prices respect each level of this support and resistance. This Indicator works for me very well. If you have good knowledge of Price Action then you can make profitable trades with this indicator. If candle take support or resistance on any of these levels you will go for reversal or breakout.
This indicator also helps you to identify Target and StopLoss.
To minimize the risk and get rid of false signal it has smoothed heikin ashi indicator.
If you are a manual trader, prefer a clean chart and use Support & Resistance to trade then this indicator suits you well.
Note : If you use Smoothed Heikin Ashi Candle {HA = true} then use Line Chart otherwise candle will overlap.
Note : It will work on different TimeFrames. For different intervals change its timeframe{ Daily, Weekly, Monthly, H1, H4 }. { ONLY FOR PIVOT }
Key Features :-
A key concept of technical analysis is that when a resistance or support level is broken, its role is reversed. If the price rises above a resistance level, it will often become support.
Horizontal support and resistance levels are the most basic type of these levels. They're simply identified by a horizontal line .
This indicator creates up to 7 levels of support and resistance through weekly price:
Green Level in the chart, is a Support Level.
Red Level in the chart, is a Resistance Level.
And the Purple Level in the chart, is a Central Pivot Level.
For confirm signal enable Heikin Ashi.
You will also use other custom indicator for better conformation like MA, if HA crossover MA then you make trade.
Advantage of This Indicator:
Working with all pairs ( Forex, Crypto, Indices, and Commodities )
Working with all timeframes.
Recommended Interval : H3, H4, H6, H8, H12 on Weekly TimeFrame.
For Daily : M1 to H1
For Monthly : H4 to W1
For H1 and H4 : Minute candle useful.
Indicator input parameters :
- HA = true { To enable or disable Heikin Ashi candles }
- TimeFrame = To select for different timeframe Level (Daily, Weekly, Monthly).
- Variant = To select Heikin Ashi or Price candles.
- Type = To select Japanese Candle or Coloured Bar.
