Reading price action is probably the single most important skill of any trader. Over time, you become attuned to seeing prior pivots and the reaction of the price action thereto. I’ve had numerous requests to implement an indicator which displays the historical fractal swing levels across the chart automatically avoiding the need to plot these by hand. The Fractal Pivot Levels indicator is the resulting study. The user inputs the price or percentage swing threshold that must be exceeded to trigger a fractal pivot reversal. Once identified, the pivot level is plotted for all future bars. The indicator will display up to 60 (30 High, 30 Low) fractal pivots. I’ve indicated on the lower image where price respected a prior pivot level.
thinkorswim Fractal Pivot Levels 02/04/15
Plots fractal pivot hi/lo price levels across the chart.
