Summary of 💎 Pivot Points Level Indicator 4 Methods + Reversal Lines in TradingView – [TFlab]

Main Financial Strategies:

• Pivot Point Breakout Strategy:
  • If the pivot point breaks upwards, anticipate a profitable price trend.
    • Set stop loss at the support level.
    • Set take profit at the first or second resistance level.
  • If the pivot point breaks downwards, use the stable in the R1 area and take profit in the S1 or S2 area.
• Trend Reversal Strategy:
  • If the price returns to the Pivot Point level and reacts, anticipate a trend reversal.
    • Set stop loss at the stick level.
    • Set take profit at the identified area.

Methodology for Using the Indicator:

• Access the indicator on TradingView by searching for it in the indicator section and adding it to favorites.
• The indicator plots four pivot points: one central Pivot Point, three resistance levels, and three support levels.
• In the settings, choose from four types of pivot points:
  • Floor: Central Pivot Point as main support/resistance.
  • Woody: Emphasizes closing prices of candles, leading to different pivot levels.
  • Camarilla: Offers 800 levels for support/resistance, aiding in determining stop loss and take profit levels.
  • Fibonacci: Applies Fibonacci retracement levels (38.2%, 61.8%, and 100%) to identify pivot points.

Additional Notes:

The tutorial encourages viewer interaction through comments and suggestions.

Presenters/Sources:

• The video is presented by TFlab.

Notable Quotes

— 00:00 — « No notable quotes »

Category

Business and Finance

Video