ST Main Pivots is an indicator which looks for pivots points on preset intervals (days, weeks, months, years, etc.). Then all extreme points are checked for splice and consistent support and resistance lines are formed. These lines are useful for detecting the best pivot points.

It finds a pair of pivot lines for each interval which correspond to Low (support line) and High (resistance line) of the price movement on the interval. Difference between these lines represemt the price movement for the selected interval.

The indicator draws resistance and support lines on all timeframes, so they are convenient to be used during both intraday and medium term trading.

If the indicator detects several support and resistance lines on one level, they are spliced into one stronger level. Weak levels are shown as a dotted line, strong levels are shown as a solid line. Solid line width corresponds to the level strength. The stronger the level the wider the line.

Information about levels contains the "lifetime" - value till the moment the corresponding support or resistance level has been formed.

Peculiarity of the indicator's operation is that it "forgets" about dots which are beyond the interval under consideration. For example, if the indicator has found the daily level, lifetime of which is 23 hours, this level will be beyond the daily gap in two hour bars, and daily pivots will be recalculated basing on remaining bars. It allows to abandon tracking outdated pivot levels.

Attention! If the support or resistance level is broken through, levels are recalculated and a new level is placed at the spot of the breakthrough. At that the "lifetime" is reset and a new counting starts.

Input parameters:

• Precise (int) - accuracy to splice levels. If the difference between levels is less than the specified number of pips, levels are spliced into one;
• SupportColor, ResistanceColor (color) - setting colors for support and resistance levels;
• DrawFibo [interval] (bool) - whether to draw additional Fibonacci levels on selected intervals.

Application:

1 Rollback from levels:

NB. this method is recommended to be used with enabled DrawFibo parameter.

Entry conditions:

• A stronger support or resistance level is formed (a daily level is spliced with weekly and higher levels);
• Lifetime of the level is at least 12 hours;
• Rollback from the level has occurred and the price has gone lower 23.2 Fibo level

Risks:

• The stop level is placed above the resistance level or below the support level (depending on the position direction)

Objectives:

• At a trader's discretion, but not less than the risk level.

2. Level breakthrough

Entry conditions:

• A stronger support or resistance level is formed (a daily level is spliced with weekly and higher levels);
• Lifetime of the level till the breakthrough is at least 12 hours;
• The level has been broken through (level lifetime has returned to zero).

Risks:

• The stop level is placed on the 23.2 level at the moment of entry (as failure occurred, a new level will be updated and its dependable fibo levels will be shifted when the trend continues).

Objectives:

• At a trader's discretion, but not less than the risk level.

3. Rollback from Fibo levels (for intraday trading on weekly and monthly fibo levels)

Entry conditions:

• Intraday support and resistance levels are formed more than 8 hours ago ;
• The price has approached levels 23.2 or 38.2, or 61.8;
• Depending on the price movement direction, High or Low is located above (bullish scenario) or below (bearish scenario), and the close level is below or above the fibo level (the price went beyond the level and rolled back);
• The trade is entered when the bar is closing.

Risks:

• The stop level is placed on the next fibo level.

Objectives:

• At a trader's discretion, but not less than the risk level.

Mark Illioner