FIMS Pivot Points Standard

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This Pine Script indicator is a highly customizable and feature-rich implementation of Pivot Points for TradingView. It calculates and displays pivot levels based on various timeframes and calculation methods, providing traders with essential support and resistance levels to aid decision-making. Below is an in-depth description of the script's functionality:

1. Input Parameters
The script includes a wide range of user inputs, allowing for significant customization:

Pivot Type: Select from different pivot calculation methods (e.g., Classic, Fibonacci, Camarilla).
Pivot Timeframe: Options include daily, weekly, monthly, and multi-year periods like "Biyearly" and "Quinquennially."
Number of Historical Pivots: Specify how many historical pivot levels to display.
Daily-Based Values: Use daily OHLC data or intraday data depending on chart preferences.
Labels and Prices: Customize visibility, position (left or right), and content of pivot labels.
Line Width and Colors: Adjust the appearance of pivot lines for each level.
2. Pivot Level Calculation
Local vs. Security-Based Calculation:
Local pivots are calculated using the current chart's timeframe data.
Security-based pivots are calculated using higher timeframe data (e.g., daily or weekly) for accuracy.
Multi-Year Timeframes: Supports calculations over extended periods such as Biyearly or Decennially for long-term analysis.
3. Pivot Levels and Display
The indicator supports multiple pivot levels, including:

Main Pivot (P)
Support Levels (S1 to S5)
Resistance Levels (R1 to R5)
Each level can be individually customized for visibility and color.

Dynamic Drawing:

New pivot levels are drawn dynamically at the start of a new timeframe.
Existing pivot lines are extended until the start of the next timeframe.
4. Label and Line Management
Dynamic Labels: Labels are placed at the beginning or end of the pivot line based on user preferences, showing the pivot level name and price.
Efficient Management: Historical pivot levels are limited by the user-defined maximum to prevent chart clutter and maintain performance.
5. Handling Extended Timeframes
Static vs. Developing Levels:
Static levels are calculated once at the start of the timeframe (e.g., daily or weekly).
Developing levels are updated as intraday data evolves within the current timeframe (optional for non-multi-year timeframes).
6. Error Handling and Alerts
If insufficient data exists for the selected timeframe or method, the script provides clear error messages, helping users adjust settings.
The script ensures logical fallback conditions, such as switching to daily-based values if intraday data is unavailable.
7. Advanced Features
Multi-Year Support: Unique feature supporting long-term pivot analysis for investment strategies.
First Bar Draw: Automatically calculates and draws pivot levels from the first available bar if historical data exists.
Custom Timeframe Adaptation: The "Auto" option dynamically adjusts the pivot anchor based on the chart timeframe (e.g., switching between daily and weekly levels).
8. Practical Use Cases
This indicator is suitable for:

Day Traders: Use intraday pivot levels for precision entry/exit.
Swing Traders: Weekly or monthly pivots provide key zones for trend reversals.
Investors: Long-term pivot levels like Biyearly or Decennially guide portfolio decisions.