Calculates and displays your own custom pivots on the chart. This indicator is
extremely flexible but requires you to manually enter the High, Low, and Close
that you want the pivots calculated off. From there it gives you many options on
how and were to draw the lines. (In this pack there are also automated pivot
You may also be interested in an Online Pivot Point Calculator.
The Pivot Tool and all our other indicators are available to Premium Members.
What is it?
The Pivot Tool is a pivot calculator that calculates and draws the support, resistance, and pivot lines on the chart for you. But it is more than just that. It also allows you draw the midpoints, enter the input figures, and choose the formula.
Important Note: Although this tool calculates the pivots in a multitude of ways and is extremely flexible you should be aware that it does not pick up the input numbers and these must be manually entered by yourself. The ToolPack has other studies/indicators that automatically pick up the previous day(s)/week's numbers for you called XPivot, WPivot, and DPivot.
Here is the feature list:
- Draws 4 levels of support and resistance.
- Optionally draws midpoints between those lines.
- Allows you to change the color, thickness and style of the lines.
- Allows you to select different methods of calculating the pivot point.
- Allows you to select one of four methods (Classic, Woodie, Camarilla, DeMark) for calculating support and resistance.
- Forces you to enter your own numbers which allows you to display the type of pivot that you want: hourly, daily, weekly, monthly, yearly.
- Can be loaded onto a chart as many times as you want so you can use it on 1 chart to show many different types (e.g. daily and weekly) pivots and the color changing facility allows you to differentiate between each type of pivot.
- Labels can be enabled for the lines and can have both names and values - you decided.
- If the displaying of values is enabled then these values will display in the chart format. If, for example, you are charting a bond chart, then the values will show in the standard format with the last 2 digits showing 32nds. (The OHLC values must be entered as decimal.)
- Labels can be put on the left or right hand side of the chart - you decide.
Example of Parameters and Subsequent Lines on Chart
At the time of writing this, these were the parameters available on this
version of the PivotTool
You should change the Name parameter to reflect what type of pivot you are calculating (and displaying).
The Open parameter is only needed if you use the Pivot Formula parameter that requires an Open value. In this example that is not necessary.
Set the Show Values, Show Labels, and Label Position for how you want the labels displayed.
Choose the Pivot Formula you want to calculate the Pivot.
The subsequent parameters are self-explanatory and deal with how the lines on the chart look. Experiment with these as you wish.
A new parameter (not shown) called Calculation Type has recently been added. This allows you to select one of Classic, Woodie, Camarilla, or DeMark calculations for the support and resistance lines. (More on this below.)
The chart below shows a 30 minute bar chart for the E-mini S&P 500 with an RTH time template and the AltDayColor tool applied to it. On this chart we also have the PivotTool with the settings that you see here.
The pivot, support and resistance numbers are calculated as follows:
The default calculation for the Pivot Point is: (HIGH + LOW + CLOSE) / 3
(but you can change it to any one of 8 available formulae in the parameters)
Support and Resistance
The default support and resistance numbers that are calculated are based off the classic formula for pivot points. Click any one of the links below to see the formula that are used in the calculation of the support and resistance numbers.
Classic Pivot Points
Woodie Pivot Points
Camarilla Pivot Points
DeMark Pivot Points(note that DeMark just calculates an R1 and S1 and no pivot point or other support/resistance numbers)
Other indicators in this Pack/Series: