Auto Pivot Points Support & Resistance Indicator for ThinkorSwim

BenTen

BenTen

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If you're having trouble with drawing trend lines, support and resistance levels then this indicator can help. It's called Projection Pivots, developed by Mobius for ThinkorSwim.

Upon adding the indicator, it will plot several trend lines, support, and resistance channels based on critical pivot points of the stock.



What I normally do is load this up at the end of each trading day and plot new S/R areas onto my chart based on the suggestion of the Projection Pivots indicator. I would also do this at the end of the week as well. It's important that you have these levels up to date on your chart.

thinkScript Code

Rich (BB code):
#ProjectionPivots_v03_JQ
#03.04.2019
#Original Code and Concept by Mobius:
# V01.08.2012 Projection Pivots
# mobius

# Notes:
# 03.04.2019 added linits on extensions
# 03.05.2019 adjusted limits on extensions by adding user input upper and lower extenion percent limits

#declare Once_Per_Bar;
Inputs
input n = 21;
input showLines = yes;
input showValues = no;
input showBarNumbers = no;
input ExtensionLengthBars = 20; # added to control length of Entension
input UpperExtensionPercentLimit = 5;
input LowerExtensionPercentLimit = 5;
input DisplayLabel = yes;    JQ 7.8.2018 added
    addlabel (DisplayLabel, "Projection Pivots n:" + n + " " , color.WHITE);    JQ 7.8.2018 added

  
# Universal Header _v030429019 _JQ
#     code from various sources including Mobius, NoLongerNube and others
# Comment out unnecessary portions to preserve tos memory and enhance speed

# Universal Definitions using Padawan variable naming convention (JQ) v03.04.2019
# iData Definitions
    def vHigh = high;  # creates the variable vHigh.  Use of the variable reduce data calls to tos iData server
#    def initHigh =  CompoundValue(1, high, high);  # creates and initialized variable for High
    def vLow = low;
#    def initLow = CompoundValue(1, low, low);
    def vOpen = open;
#    def initOpen = CompoundValue(1, open, open);
    def vClose = close;
#    def initClose = CompoundValue(1, close, close);
    def vVolume = volume;
#    def initVolume = CompoundValue(1, volume, volume);
    def nan = Double.NaN;
# Bar Time & Date 
    def bn = BarNumber();
    def currentBar = HighestAll(if !IsNaN(vHigh) then bn else nan);
#    def Today = GetDay() ==GetLastDay();
#    def time = GetTime();
#    def GlobeX = GetTime() < RegularTradingStart(GetYYYYMMDD());
    # def globeX_v2 = if time crosses below RegularTradingEnd(GetYYYYMMDD()) then bn else GlobeX[1];
#    def RTS  = RegularTradingStart(GetYYYYMMDD());
#    def RTE  = RegularTradingEnd(GetYYYYMMDD());
#    def RTH = GetTime() > RegularTradingStart(GetYYYYMMDD());
#    def RTH_v2 = if time crosses above RegularTradingStart(GetYYYYMMDD()) then bn else RTH[1];

# bars that start and end the sessions  #(borrowed from nube)
#    def rthStartBar    = CompoundValue(1,
#                         if   !IsNaN(vClose)
#                         &&   time crosses above RegularTradingStart(GetYYYYMMDD())
#                         then bn
#                         else rthStartBar[1], 0);
#    def rthEndBar      = CompoundValue(1,
#                         if   !IsNaN(vClose)
#                         &&   time crosses above RegularTradingEnd(GetYYYYMMDD())
#                         then bn
#                         else rthEndBar[1], 1);
#    def globexStartBar = CompoundValue(1,
#                         if   !IsNaN(vClose)
#                         &&   time crosses below RegularTradingEnd(GetYYYYMMDD())
#                         then bn
#                         else globexStartBar[1], 1);
#    def rthSession = if   bn crosses above rthStartBar #+ barsExtendedBeyondSession
#                     then 1
#                     else if   bn crosses above rthEndBar #+ barsExtendedBeyondSession
#                          then 0
#                     else rthSession[1];

# Bubble Locations
    def x_AxisLastExpansionBar = BarNumber() == HighestAll(BarNumber());  #corrected 11.12.2018 (JQ)  
        # syntax: addChartBubble(x_AxisLastExpansionBar, y-axis coordinate," text", Color.LIME); #verified 12.25.2018 (JQ)

def PH;
   def PL;
   def hh = fold i = 1 to n + 1
            with p = 1
            while p
            do vHigh > getValue(vHigh, -i);
       PH = if (bn > n and
                vHigh == highest(vHigh, n) and
                hh)
            then vHigh
            else double.NaN;
   def ll = fold j = 1 to n + 1
            with q = 1
            while q
            do vLow < getValue(low, -j);
       PL = if (bn > n and
                vLow == lowest(vLow, n) and
                ll)
            then vLow
            else double.NaN;
   def PHBar = if !isNaN(PH)
               then bn
               else PHBar[1];
   def PLBar = if !isNaN(PL)
               then bn
               else PLBar[1];
   def PHL = if !isNaN(PH)
             then PH
             else PHL[1];
   def priorPHBar = if PHL != PHL[1]
                    then PHBar[1]
                    else priorPHBar[1];
   def PLL = if !isNaN(PL)
             then PL
             else PLL[1];
   def priorPLBar = if PLL != PLL[1]
                    then PLBar[1]
                    else priorPLBar[1];
   def HighPivots = bn >= highestAll(priorPHBar);
   def LowPivots = bn >= highestAll(priorPLBar);
   def FirstRpoint = if HighPivots
                     then bn - PHBar
                     else 0;
   def PriorRpoint = if HighPivots
                     then bn - PriorPHBar
                     else 0;
   def RSlope = (getvalue(PH, FirstRpoint) - getvalue(PH, PriorRpoint))
                       / (PHBar - PriorPHBar);
   def FirstSpoint = if LowPivots
                     then bn - PLBar
                     else 0;
   def PriorSpoint = if LowPivots
                     then bn - PriorPLBar
                     else 0;
   def SSlope = (getvalue(PL, FirstSpoint) - getvalue(PL, PriorSpoint))
                   / (PLBar - PriorPLBar);
   def RExtend = if bn == highestall(PHBar)
                 then 1
                 else RExtend[1];
   def SExtend = if bn == highestall(PLBar)
                 then 1
                 else SExtend[1];

  plot pivotHigh = if HighPivots
                   then PH
                   else double.NaN;
       pivotHigh.SetDefaultColor(GetColor(1));
       pivotHigh.setPaintingStrategy(PaintingStrategy.VALUES_ABOVE);
       pivotHigh.setHiding(!showValues);

  plot pivotHighLine = if PHL > 0 and
                          HighPivots
                       then PHL
                       else double.NaN;
       pivotHighLine.SetPaintingStrategy(PaintingStrategy.DASHES);  # Mobius original was DASHES
       pivotHighLine.setDefaultColor(color.uptick);    JQ 7.8.2018 added
       pivotHighLine.setHiding(!showLines);
 
  plot RLine = pivotHigh;
       RLine.enableApproximation();
       RLine.SetDefaultColor(Color.LIGHT_GRAY);
       RLine.SetStyle(Curve.Short_DASH);

# Added code to limit resistance estension line (JQ 03.04.2019)
  def calc_ResistanceExtension = if RExtend
                    then (bn - PHBar) * RSlope + PHL
                    else double.NaN;
  plot line_ResistanceExtension = if bn <= (Currentbar + ExtensionLengthBars)
                                   and calc_ResistanceExtension[1] >=  (lowestall(vLow) * (1-(lowerExtensionPercentLimit/100)))
                                   and calc_ResistanceExtension[1] <= (Highestall(vHigh) * (1 + (upperExtensionPercentLimit/100)))
                               then calc_ResistanceExtension else double.nan;
       line_ResistanceExtension.SetStyle(Curve.Short_DASH);
       line_ResistanceExtension.SetDefaultColor(color.LIGHT_GRAY); #was 7
       line_ResistanceExtension.setLineWeight(1); 

# Low Plots
  plot pivotLow = if LowPivots
                  then PL
                  else double.NaN;
       pivotLow.setDefaultColor(GetColor(4));
       pivotLow.setPaintingStrategy(PaintingStrategy.VALUES_BELOW);
       pivotLow.setHiding(!showValues);
 
  plot pivotLowLine = if PLL > 0 and
                         LowPivots
                      then PLL
                      else double.NaN;
       pivotLowLine.SetPaintingStrategy(PaintingStrategy.DASHES);  # Mobius original was DASHES
       pivotLowLine.setDefaultColor(color.DOWNTICK);#  #  JQ 7.8.2018 added
       pivotLowLine.setHiding(!showLines);

  plot SupportLine = pivotLow;
       SupportLine.enableApproximation();
       SupportLine.SetDefaultColor(color.LIGHT_GRAY);
       SUpportLine.SetStyle(Curve.Short_DASH);

# Added code to limit support estension line (JQ 03.04.2019)
  def calc_SupportExtension = if SExtend
                          then (bn - PLBar) * SSlope + PLL
                          else double.NaN;
  plot line_SupportExtension = if bn <= (Currentbar + ExtensionLengthBars)
                                   and calc_SupportExtension[1] >= (lowestall(vLow) * (1-(lowerExtensionPercentLimit/100)))
                                   and calc_SupportExtension[1] <= (Highestall(vHigh) * (1 + (upperExtensionPercentLimit/100)))
                               then calc_supportExtension else double.nan;
       line_SupportExtension.SetDefaultColor(color.LIGHT_GRAY); #was 7
       line_SupportExtension.SetStyle(Curve.Short_DASH);
       line_SupportExtension.setLineWeight(1);

  plot BarNumbersBelow = bn;
       BarNumbersBelow.SetDefaultColor(GetColor(0));
       BarNumbersBelow.setHiding(!showBarNumbers);
       BarNumbersBelow.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);

  plot PivotDot = if !isNaN(pivotHigh)
                  then pivotHigh
                  else if !isNaN(pivotLow)
                  then pivotLow
                  else double.NaN;
       pivotDot.SetDefaultColor(GetColor(7));
       pivotDot.SetPaintingStrategy(PaintingStrategy.POINTS);
       pivotDot.SetLineWeight(3);

# End Code

Shareable Link

http://tos.mx/WhZxG6
 
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