indicator · on price · open source
Floor Trader Pivot Points
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About
Floor trader pivots — the full 7-level set (PP + R1/R2/R3 + S1/S2/S3) used by equities floor traders, with R3/S3 projected at 2× the R1/S1 spread for the outer reversal bands.
- More levels than Standard; useful when a single level per side isn't enough.
- R3 and S3 are the 'if-you-break-this-you-trend' bands.
Source code
//@version=5
indicator("Floor Trader Pivot Points", overlay=true)
pp = (ta.highest(high, 1)[1] + ta.lowest(low, 1)[1] + close[1]) / 3
r1 = 2*pp - ta.lowest(low, 1)[1]
r2 = pp + (ta.highest(high, 1)[1] - ta.lowest(low, 1)[1])
r3 = ta.highest(high, 1)[1] + 2 * (pp - ta.lowest(low, 1)[1])
s1 = 2*pp - ta.highest(high, 1)[1]
s2 = pp - (ta.highest(high, 1)[1] - ta.lowest(low, 1)[1])
s3 = ta.lowest(low, 1)[1] - 2 * (ta.highest(high, 1)[1] - pp)
p_PP = plot(pp, "PP", color=color.yellow, linewidth=2)
p_R1 = plot(r1, "R1", color=color.green, style=plot.style_linebr)
p_R2 = plot(r2, "R2", color=color.green, style=plot.style_linebr)
p_R3 = plot(r3, "R3", color=color.lime, style=plot.style_linebr)
p_S1 = plot(s1, "S1", color=color.red, style=plot.style_linebr)
p_S2 = plot(s2, "S2", color=color.red, style=plot.style_linebr)
p_S3 = plot(s3, "S3", color=color.maroon, style=plot.style_linebr)
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