Pivot Points are used to determine the overall trend of the market over different time frames. This script plots PP, R1, and S1 levels based on daily data.
//@version=6
indicator('Pivot Points Standard', overlay=true)
[ph, pl, pc] = request.security(syminfo.tickerid, 'D', [high[1], low[1], close[1]], lookahead=barmerge.lookahead_on)
pp = (ph + pl + pc) / 3
r1 = 2 * pp - pl
s1 = 2 * pp - ph
plot(pp, 'PP', color=color.orange)
plot(r1, 'R1', color=color.green)
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