Weekly and Monthly Pivots Indicator for ThinkorSwim

BenTen · May 11, 2019

Here is an indicator that plot daily, weekly, and monthly pivot point along with some support and resistance lines on your ThinkorSwim chart. In addition to the three mentioned timeframes, you can also select from 4hr, hourly, etc. This indicator is extremely powerful and useful.

thinkScript Code

Rich (BB code):

# WeeklyMonthlyPivots_TS
# http://thinkscripter.wordpress.com
# [email protected]
# Last Update 20 APR 2009

input timeFrame = {default WEEK, MONTH};
input showOnlyToday = no;

def H = high(period = timeFrame)[1];
def L = low(period = timeFrame)[1];
def C = close(period = timeFrame)[1];

def calc_PP = (H + L + C) / 3;
def calc_R1 =  (2 * calc_PP) - L;
def calc_R2 = calc_PP + H - L;
def calc_R3 = H + 2 * (calc_PP - L);

def calc_S1 = (2 * calc_PP) - H;
def calc_S2 = calc_PP - H + L;
def calc_S3 = L - 2 * (H - calc_PP);

plot R3;
plot R2;
plot R1;
plot PP;
plot S1;
plot S2;
plot S3;

if (showOnlyToday and !IsNaN(close(period = timeFrame)[-1])) or
(getAggregationPeriod() > if timeframe == timeframe.WEEK then AggregationPeriod.WEEK else AggregationPeriod.MONTH)

then {

    R1 = Double.NaN;
   
    R2 = Double.NaN;
   
    R3 = Double.NaN;
   
    PP = Double.NaN;
   
    S1 = Double.NaN;
   
    S2 = Double.NaN;
   
    S3 = Double.NaN;
  
}
else {
   
  
R1 = calc_R1;
   
    R2 = calc_R2;
   
    R3 = calc_R3;
   
    PP = calc_PP;
   
    S1 = calc_S1;
   
    S2 = calc_S2;
   
    S3 = calc_S3;

}

R1.SetDefaultColor(color.red);
R2.SetDefaultColor(color.red);
R3.SetDefaultColor(color.red);
S1.SetDefaultColor(color.green);
S2.SetDefaultColor(color.green);
S3.SetDefaultColor(color.green);

R1.SetStyle(Curve.POINTS);R2.SetStyle(Curve.POINTS);
R3.SetStyle(Curve.POINTS);
S1.SetStyle(Curve.POINTS);
S2.SetStyle(Curve.POINTS);
S3.SetStyle(Curve.POINTS);

PP.DefineColor("Color", Color.CYAN);
PP.AssignValueColor(PP.color("Color"));
PP.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

Shareable Link

https://tos.mx/xRWpT3

San · May 11, 2019

@BenTen, Some reason its not shows 1day 1 hr time frame. One more is that possible to set time frame 1mts.

BenTen · May 11, 2019

@San This indicator only support weekly and monthly pivots point.

netarchitech · May 12, 2019

@BenTen I've enhanced the Pivot Point Indicator by adding Daily Pivot Points, so now you can put Daily Pivots on a Hourly chart

I would suggest a longer time period than 1 day...perhaps 10 or 20 days...

Rich (BB code):

# DailyWeeklyMonthlyPivots_TS
# http://thinkscripter.wordpress.com
# [email protected]
# Last Update 11 MAY 2019

input timeFrame = {DAY, default WEEK, MONTH};
input showOnlyToday = no;

def H = high(period = timeFrame)[1];
def L = low(period = timeFrame)[1];
def C = close(period = timeFrame)[1];

def calc_PP = (H + L + C) / 3;
def calc_R1 =  (2 * calc_PP) - L;
def calc_R2 = calc_PP + H - L;
def calc_R3 = H + 2 * (calc_PP - L);

def calc_S1 = (2 * calc_PP) - H;
def calc_S2 = calc_PP - H + L;
def calc_S3 = L - 2 * (H - calc_PP);

plot R3;
plot R2;
plot R1;
plot PP;
plot S1;
plot S2;
plot S3;

if (showOnlyToday and !IsNaN(close(period = timeFrame)[-1])) or
(getAggregationPeriod() > if timeframe == timeframe.DAY 
                          then AggregationPeriod.DAY 
                          else if timeframe == timeframe.WEEK
                               then AggregationPeriod.WEEK
                               else AggregationPeriod.MONTH)

then {

    R1 = Double.NaN;
    
    R2 = Double.NaN;
    
    R3 = Double.NaN;
    
    PP = Double.NaN;
    
    S1 = Double.NaN;
    
    S2 = Double.NaN;
    
    S3 = Double.NaN;
   
} 
else {
    
   
 R1 = calc_R1;
    
    R2 = calc_R2;
    
    R3 = calc_R3;
    
    PP = calc_PP;
    
    S1 = calc_S1;
    
    S2 = calc_S2;
    
    S3 = calc_S3;

}

R1.SetDefaultColor(color.red);
R2.SetDefaultColor(color.red);
R3.SetDefaultColor(color.red);
S1.SetDefaultColor(color.green);
S2.SetDefaultColor(color.green);
S3.SetDefaultColor(color.green);

R1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
R2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
R3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);;

PP.DefineColor("Color", CreateColor(0, 102, 204));
PP.AssignValueColor(PP.color("Color"));
PP.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

Hope this helps...

Good Luck and Good Trading

soary · Sep 26, 2019

netarchitech said:

@BenTen I've enhanced the Pivot Point Indicator by adding Daily Pivot Points, so now you can put Daily Pivots on a Hourly chart

I would suggest a longer time period than 1 day...perhaps 10 or 20 days...

Rich (BB code):

# DailyWeeklyMonthlyPivots_TS
# http://thinkscripter.wordpress.com
# [email protected]
# Last Update 11 MAY 2019

input timeFrame = {DAY, default WEEK, MONTH};
input showOnlyToday = no;

def H = high(period = timeFrame)[1];
def L = low(period = timeFrame)[1];
def C = close(period = timeFrame)[1];

def calc_PP = (H + L + C) / 3;
def calc_R1 =  (2 * calc_PP) - L;
def calc_R2 = calc_PP + H - L;
def calc_R3 = H + 2 * (calc_PP - L);

def calc_S1 = (2 * calc_PP) - H;
def calc_S2 = calc_PP - H + L;
def calc_S3 = L - 2 * (H - calc_PP);

plot R3;
plot R2;
plot R1;
plot PP;
plot S1;
plot S2;
plot S3;

if (showOnlyToday and !IsNaN(close(period = timeFrame)[-1])) or
(getAggregationPeriod() > if timeframe == timeframe.DAY
                          then AggregationPeriod.DAY
                          else if timeframe == timeframe.WEEK
                               then AggregationPeriod.WEEK
                               else AggregationPeriod.MONTH)

then {

    R1 = Double.NaN;
   
    R2 = Double.NaN;
   
    R3 = Double.NaN;
   
    PP = Double.NaN;
   
    S1 = Double.NaN;
   
    S2 = Double.NaN;
   
    S3 = Double.NaN;
  
}
else {
   
  
R1 = calc_R1;
   
    R2 = calc_R2;
   
    R3 = calc_R3;
   
    PP = calc_PP;
   
    S1 = calc_S1;
   
    S2 = calc_S2;
   
    S3 = calc_S3;

}

R1.SetDefaultColor(color.red);
R2.SetDefaultColor(color.red);
R3.SetDefaultColor(color.red);
S1.SetDefaultColor(color.green);
S2.SetDefaultColor(color.green);
S3.SetDefaultColor(color.green);

R1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
R2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
R3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);;

PP.DefineColor("Color", CreateColor(0, 102, 204));
PP.AssignValueColor(PP.color("Color"));
PP.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

Hope this helps...

Good Luck and Good Trading

Thanks for the update to daily. You said, "I've enhanced the Pivot Point Indicator by adding Daily Pivot Points, so now you can put Daily Pivots on a Hourly chart

I would suggest a longer time period than 1 day...perhaps 10 or 20 days... " How do you enter multiple days in the code?

netarchitech · Sep 26, 2019

@soary The pivot points are dependent on the default timeframes included in TOS. As a result, you are limited to the added daily timeframe. With that said, you could go into the code and add 2 days, 3 days, and 4 days, as these are also default timeframes. 10 and 20 days are beyond the scope of the script and TOS...

Now that I think about it...you could do 20 days if you select the supplied Monthly timeframe

Hope this helps...

Good Luck and Good Trading

soary · Oct 7, 2019

netarchitech said:
@soary The pivot points are dependent on the default timeframes included in TOS. As a result, you are limited to the added daily timeframe. With that said, you could go into the code and add 2 days, 3 days, and 4 days, as these are also default timeframes. 10 and 20 days are beyond the scope of the script and TOS...

Now that I think about it...you could do 20 days if you select the supplied Monthly timeframe

Hope this helps...

Good Luck and Good Trading

thanks for the response I will try it

SK999 · Mar 9, 2020

Is there a script for yearly pivots?

Bruce lee · Jun 16, 2020

How to Show only WEEKLY CLOSES?
Thanks

BenTen · Jun 16, 2020

@Bruce lee

Code:

# Plot previous week's close

input aggregationPeriod = AggregationPeriod.WEEK;

plot WeekClose = close(period = aggregationPeriod)[1];

dreamscape25 · Jul 12, 2020

Is it possible to convert this study into a scanner? In other words, when a stock is approaching these pivots (offset by 50 cents or so) you would get an alert?

Bruce lee · Jul 20, 2020

How to do the CPR indicator. Central pivot range. Thanks (i think it's also there in trading view, but couldn't find in TOS.)

BenTen · Jul 20, 2020

@Bruce lee Looking for this? https://usethinkscript.com/threads/rolling-pivot-range-indicator-for-thinkorswim.1059/

KamranN · Oct 5, 2020

@BenTen i am using your pivot script and wanted to create a watchlist that indicates if the pivot has been crossed in the last 5,10, 15 min
i created 5 min watchlists columns for all pivots ( one column for R1 , one for S1 ). I wrote the code below but its not giving me any thing any ideas what can be wrong

def test = PivotbossPivot()."R1" ; <-- using the pivot calculation from your script )

plot signal = if close(period = AggregationPeriod.FIVE_MIN) crosses above test then 1
else if close(period = AggregationPeriod.FIVE_MIN)[1] crosses above test then 2
else if close(period = AggregationPeriod.FIVE_MIN)[3] crosses above test then 3
else 0;
AddLabel(1,if signal == 1 then "1-Buy" else if signal == 2 then "2-Buy" else if signal == 3 then "3-Buy"
else "2-Hold ", color.black);

AssignBackgroundColor(if signal ==1 then color.Dark_green
else if signal == 2 then color.green
else if signal == 3 then color.light_green
else color.black);

KamranN · Oct 5, 2020

@BenTen @netarchitech here is the complete code..if you get a chance please let me know were am making a mistake (please note the watchlist column is on 5 min

Code:

input timeFrame = { default DAY, WEEK, MONTH};
input showOnlyToday = no;

def H = high(period = timeFrame)[1];
def L = low(period = timeFrame)[1];
def C = close(period = timeFrame)[1];

def calc_PP = (H + L + C) / 3;
def calc_BC = (H + L) / 2.0;
def calc_TC = (calc_PP - calc_BC) + calc_PP;
def calc_R1 =  (2 * calc_PP) - L;
def calc_R2 = calc_PP + H - L;
def calc_R3 = H + 2 * (calc_PP - L);

def calc_S1 = (2 * calc_PP) - H;
def calc_S2 = calc_PP - H + L;
def calc_S3 = L - 2 * (H - calc_PP);

plot R3;
plot R2;
plot R1;
plot TC;
plot PP;
plot BC;
plot S1;
plot S2;
plot S3;

if (showOnlyToday and !IsNaN(close(period = timeFrame)[-1])) or
(getAggregationPeriod() > if timeframe == timeframe.DAY
                          then AggregationPeriod.DAY
                          else if timeframe == timeframe.WEEK
                               then AggregationPeriod.WEEK
                               else AggregationPeriod.MONTH)

then {

    R1 = Double.NaN;

    R2 = Double.NaN;

    R3 = Double.NaN;

    TC = Double.NaN;

    BC = Double.NaN;

    PP = Double.NaN;

    S1 = Double.NaN;

    S2 = Double.NaN;

    S3 = Double.NaN;

}
else {


    R1 = calc_R1;

    R2 = calc_R2;

    R3 = calc_R3;

    TC = calc_TC;

    BC = calc_BC;

    PP = calc_PP;

    S1 = calc_S1;

    S2 = calc_S2;

    S3 = calc_S3;

}

R1.SetDefaultColor(color.red);
R2.SetDefaultColor(color.red);
R3.SetDefaultColor(color.red);
S1.SetDefaultColor(color.green);
S2.SetDefaultColor(color.green);
S3.SetDefaultColor(color.green);

R1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
R2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
R3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
S3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);;

PP.DefineColor("Color", CreateColor(155, 153, 255));
PP.AssignValueColor(PP.color("Color"));
PP.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

TC.DefineColor("Color", CreateColor(51, 153, 255));
TC.AssignValueColor(TC.color("Color"));
TC.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

BC.DefineColor("Color", CreateColor(51, 153, 255));
BC.AssignValueColor(BC.color("Color"));
BC.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
}

def test = PivotbossPivot()."S1" ;

plot signal = if close crosses above test then 1  else if close[1] crosses above  test then 2 else if close[3] crosses test then 3 else 0;


AddLabel(1,if signal == 1 then "1-Buy" else if signal == 2 then "2-Buy" else if signal == 3 then "3-Buy"
        else "2-Hold ", color.black);

AssignBackgroundColor(if signal ==1 then color.Dark_green
                      else if signal == 2 then color.green
                      else if signal == 3 then color.light_green
                      else color.black);

rad14733 · Oct 5, 2020

@KamranN Read the error messages at the bottom...

First, you had a closing "}" from a conditional statement well after the statement had ended... Then you are trying to call a Custom Thinkscript Study where only Licensed Thinkscript Studies are allowed... I went no further than that...

KamranN · Oct 5, 2020

thanks @rad14733 really appreciate your help did not know we could only use Licensed Thinkscript Studies

Johnny Cash · Oct 5, 2020

hey guys, is it possible to just show the last set of pivot lines for the last close and keep them off for all the past closes?

Johnny Cash · Oct 5, 2020

Disregard, i found the way to do it.
Great job all for the awesome content that you provide the community.
thanks

Antares66 · Oct 14, 2020

Is there a way to add R4, S4, R5, S5? I am not very good in coding. The extended pivot lines are sometimes usefull
at stocks who go parabolic. Thanks.

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Weekly and Monthly Pivots Indicator for ThinkorSwim

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