We use fibonacci in many things, why not the Pivot? Hey, it does works, price does reacts to the fibonacci off the pivot.
Pivots are road map for the price, fibonacci are just some stops or gas stations appear on the road, with these additional lines, there's more time for price to think about which way it'd move, therefore, more time for us traders to track and follow.
I know they usually use Daily pivot in H1, Weekly in H4 and Monthly in Daily timeframe, but since there are more lines now, price now needs space to travel between line. I recommend using Weekly Pivot for intraday(H1,...), Monthly for H4 and Yearly for Daily.
I also add some text that shows current day's range in pips (High - Low = range) and compare it to Average Daily Range. I thinks this is helpful if you use it for day trading.
I'll let this as a open sources as you may find something to customize in your own way. Hope this helps you in someway, community :)
@ghoXt3333, ah no. It really depends on your strategy. I personally use it, combined with some other elements, as potential pivot point which can be a lot of things. With some more info i can plan my trades for the day, like this tradingview.com/x/SDoxX91y/.
minhdang3264
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With some knowledge here and there, trade happens. With luck, plans happen.
minhdang3264
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Another example of how i use the pivot
JayM0ap
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I must admit this is pretty accurate indicator
minhdang3264
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@notsimilar, Hope it helps you with your trading :D
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