Weekly pivots are calculated from the high, low and close of the previous week’s session. Our Indicator Library also features Hourly Pivot levels, Daily 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 information required for calculating the Weekly Pivot Points (high, low and close of the previous week’s session), is available prior to the start of the current week session and does not change throughout its course.
The use of Weekly Pivot Points is a well known trading technique. It was 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 Weekly Pivot Points display GLOBEX (ETH) levels, calculated from the high, low and close of the past full session. To display floor pivots (high, low and close from the regular session), please refer to the premium Session Pivots package.
You should only use the indicator 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 use the Weekly Pivot Points indicator to display the main-, central- and directional pivot, in addition to 4 major support and resistance levels. The indicator also comes with an option to display mid-levels pivots. Furthermore, you may choose between four (4) different formulas, namely Floor Pivots, Wide Pivots, Jackson Zones and Fibonacci Pivots.
Other Library indicators
Our Indicator Spotlight previously looked at Mark Fisher’s use of the daily Pivot Range (with video) in relation to Opening Range Breakouts. Other variations of the Pivot Point Support Resistance Levels are also available Indicator Library, including 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. The Rolling pivots were also discussed in a LizardTrader blog post.
The Indicator Library also has a category with Fibonacci indicators, including the Prior Day Fibonacci Levels, Current Week Fibonacci Levels / Prior Week Fibonacci Levels, the Current Month Fibonacci Levels / Prior Month Fibonacci Levels and the Current N Month Fibonacci Levels / Prior N Month Fibonacci Levels. Our Indicator Spotlight also discussed Fibonacci Retracement Levels specifically. Additionally, this category also contains the Fibonacci Bands indicator.
The indicator is available for NinjaTrader 8 and is compatible with our LizardRenko bars.