Pivot Points Level Indicator 4 Methods + Reversal Lines in TradingView - [TFlab]

The Pivot Points Level Indicator is a TradingView fractal pivot points indicator for identifying support and resistance zones.

Pivot Points are key levels on a chart calculated using the previous day's price data (open, high, low, and close). In addition to this indicator, you can use TradingFinder pivot point calculator tool to automatically calculate these levels.

They are especially useful for daily analysis and short term timeframes like one hour or 15 minute charts.

Specifications of the "Pivot Points Level" Indicator

The specifications and features of the Pivot Points Level Indicator are as follows:

Pivot Points Levels in an Uptrend

In the 5-minute chart of GBP/USD, currency pair in the Forex market, the trend above the central pivot (PP) indicates a potential uptrend. 

According to the chart analysis, after returning to the central pivot, the price moved toward higher price targets, breaking resistance lines (R1, R2, R3).

The support lines (S1, S2, S3) are appropriate zones for setting Stop Loss (SL) in such scenarios.

Pivot Points Levels in a Downtrend

Based on the 15-minute Ethereum (ETH) chart analysis, the trend below the central pivot (PP) signals the beginning of a potential downtrend.

The image shows that the price broke sharply below the central pivot (PP) and breached support lines (S1, S2, S3). In a bearish trend, the R1, R2, and R3 levels are ideal for placing a Stop Loss (SL).

Settings of the Pivot Points Level Indicator

The settings panel for the Pivot Points Level indicator is described as follows:

• Pivot Point Type: Determines the color and type of pivot levels.

Conclusion

The Pivot Points Level Indicator provides four distinct types of pivot levels, making it highly effective for analyzing and identifying trend reversal zones.

As a TradingView support and resistance indicator, it precisely marks support and resistance areas on the chart by drawing pivot point lines.