Pivot Box Range
- Indicatori
- Versione: 1.0
Pivot Box Range draws daily pivot levels and a high-low range box for each
day, and it fixes the one thing that quietly breaks most pivot indicators:
the broker's short days.
THE SHORT DAY PROBLEM
Most brokers open a Sunday candle that lasts only an hour or two, and some
holidays produce half sessions. A pivot indicator that treats those as a
full day calculates Monday's levels from almost no data, and the levels
land in the wrong place for the whole week.
This indicator merges a short day into the day before it, so the levels and
the range box match the trading day you actually see. You choose how short
a day has to be before it is merged, and you can switch the behaviour off.
FEATURES
- Nine levels per day: the pivot, R1 to R4 and S1 to S4
- A high-low range box for every day, coloured by whether the day closed up
or down, with the range printed on it in points or pips
- Short broker days merged into the previous day, with an adjustable
threshold
- One-click buttons to show or hide the levels and the boxes
- Today's levels labelled with their prices at the right edge
- Filled or outline boxes, with an opacity setting that fades the fill into
your chart background so the candles stay readable
- Automatically hides itself above a timeframe you choose, because a daily
range box on a daily chart is just the candle again
- Tooltips on every level and box with the exact prices
- Levels are fixed once a day closes, so nothing repaints
FORMULAS
P = (H + L + C) / 3
R1 = 2P - L S1 = 2P - H
R2 = P + (H - L) S2 = P - (H - L)
R3 = H + 2(P - L) S3 = L - 2(H - P)
R4 = P + 2(H - L) S4 = P - 2(H - L)
H, L and C come from the previous logical day - after merging, not before.
HOW TO USE
1. Attach the indicator to a chart between M5 and H4.
2. Leave the merge threshold at its default of 4 hourly bars unless your
broker's Sunday session is longer than that.
3. Click the buttons at the top right to show or hide the levels and boxes.
NOTES
- Days follow your broker's server day, which is how daily pivots are
normally calculated. If your broker's day starts at a different hour than
another broker's, the levels will differ - that is true of every pivot
indicator, and the merging above is what removes the worst of it.
- R3, R4, S3 and S4 sit well beyond the usual pivot range and are meant as
extension targets rather than entry levels.
- Pips are calculated as ten points on 5-digit and 3-digit symbols. On other
symbols the value is shown in points.
Free to use. Comments and feature requests are welcome.
