Daily pivots are calculated from the high, low and close of the previous day’s session. Our Indicator Library also features Hourly Pivot levels, Weekly Pivot levels, Monthly Pivot levels and N-Montly Pivot levels. The Library Pivot versions can be compared to our Premium Pivot package here.
Indicator Description
The data required for calculating the Daily Pivots (yesterday’s HLC), is available at the start of the current day’s session. Because this information is pre-set, it does not change throughout the session.
The Daily Pivots were originally used by market makers and local pit traders to calculate intraday support and resistance points. The technique has been around for decades, and because of its simplicity and efficiency, it is still in use today. The Daily Pivots display GLOBEX (ETH) pivots, calculated from the high, low and close of the past full session. To display floor pivots (high, low and close of the past day’s regular session), please refer to our premium Session Pivots package.
You should only use the Pivot indicators with trading times that reflect the contractual settings of the instruments. If your data provider supplies the settlement price for futures, you may select that option instead of the regular close.
One may display the main-, central- and directional pivot, in addition to 4 major support and resistance levels. Furthermore, it comes with an option to display mid-levels pivots. Finally, you may choose between four (4) different formulas, namely Floor Pivots, Wide Pivots, Jackson Zones and Fibonacci Pivots. When set to “Daily Bars” the indicator will display correct pivots for extended trading days following public (US) holidays.
Other Library indicators
We previously looked at Mark Fisher’s use of the Pivot Range in relation to Opening Range Breakouts in our Indicator Spotlight (with videos). Other Pivot indicators available from the Session Tools category include the Daily Camarilla Pivots, Weekly Camarilla Pivots, Monthly Camarilla Pivots and the N-Monthly Camarilla Pivots. Finally, the library also contains Daily Rolling Pivots, Weekly Rolling Pivots and Monthly Rolling Pivots. Further information on how to use Rolling Pivots for trend bias is found on our LizardTrader blog.
Furthermore, you may consider average daily range levels for support / resistance. Our Indicator Spotlight discussed the Daily Range Projections and the Weekly Range Projections / Monthly Range Projections are also available from our Volatility Indicators category.
The indicator is available for NinjaTrader 8 and is compatible with our LizardRenko bars.