KeyLevelsPivots

How it works

The indicator uses TradingView's pivot high and pivot low functions to detect significant price levels. When a new pivot is identified, it checks if a similar level already exists within a specified percentage threshold, preventing redundant level creation.

If no matching level exists, a horizontal line is drawn at the pivot point. This line continues to extend to the right, dynamically updating until either a breakout occurs or the level reaches a maximum predetermined age, typically around 750 bars for daily timeframes.

Why it may be useful

Key levels with pivots help traders identify crucial support and resistance zones that can influence price movement and trading decisions. By automatically tracking and marking these levels, traders can quickly visualize potential price barriers and entry/exit points without manual intervention.

The dynamic nature of this indicator allows for real-time adaptation while preserving historical context, enabling traders to understand both current market structure and longer-term price dynamics with minimal manual effort.

When to explore it

This indicator is most effective in markets with clear trending or range-bound behavior where support and resistance levels play a significant role. It works particularly well in timeframes that provide enough data to generate meaningful pivot points, such as daily or weekly charts.

Traders should consider using this indicator when they want to identify potential price reversal zones, validate trend strength, and understand the broader market structure without constant manual level drawing.

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