Floor Trader Pivots

The Floor Trader Pivots indicator displays 5-7 plots including 2-3 resistance levels, 2-3 support levels, and 1 pivot point.

Description

Support and resistance levels are calculated from the Pivot.

Pivot Point analysis is a technique of determining key levels that price may react to. Pivot points tend to function as support or resistance and can be turning points. This technique is commonly used by day traders, though the concepts are valid on various timeframes. Floor traders, in particular, have long used Pivot as a price fulcrum.

A pivot is a significant price level known in advance which traders view as important and may make trading decisions around that level.

Plots

Plot1 (Optional) = Resistance level 3

Plot2 = Resistance Level 2

Plot3 = Resistance Level 1

Plot4 = Pivot point

Plot5 = Support Level 1

Plot6 = Support Level 2

Plot7 (Optional) = Support level 3

Default Inputs

Plot_5or7 sets the number of plots, 5 by default. When set to 5, the R3 and S3 plots are not displayed. When set to 7, all 7 plots are displayed.