This is a follow up to my previous Idea. Please see that one first if you have not yet done so:
Chapter 2: ''Mid'' Pivots or Mid Points.
Math: Simply 1/2 of the two Main Pivots nearby.
Order: M-1 is halfway between Support2 and Support1. M-2 is halfway between Support1 and Central Pivot and thus M-3 and M-4 are above Central Pivot, counting UP. Not sure why it is done this way, but you get used to it
Use: Mid Pivots are used by many traders, and sometimes called 'Minor' pivots. They often cause a break/turn, especially if near another time frame pivot. I add a mid pivot if price is near the range, to gauge the effect in detail. Scalpers should just get in the habit off adding them each week/month.
Time Frames: For Mid Pivots I usually only add to Monthly and Weekly. One could add to Daily as well, and that would be valid. I add Daily if I am performing surgical precision analysis.
My Application: MID-Pivots are NOT in the TV indicator ''Pivot Points Standard''. So I add them manually, with a fib to find 50% between two main points. Hopefully TV will ad a Pivot indicator with Mid pivots soon. There may be indicators created by Users, that include Mid Pivots For this tutorial I wanted to use readily available TV features.
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Update on current Pivot status for apr 8th 2018. Just a quick look at how the Pivots are lining up for this week. A couple of ''clusters'' or ''zones'' to watch where multiple pivots are close.
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Another example of Pivot based price action. LTC over last couple of weeks:
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I have posted a ''Chapter 3'' below. (how to draw NEXT period's pivots):
hi. .very nice... thank you for suggesting this indicator.. looks interesting.
LynMcd
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I've been using these from your post. Thanks for the info.
EuroMotif
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@LynMcd, Great to hear, and you are very welcome. Pivots are good for setting targets, perhaps more so than entries, but they seem to do their thing, week after week....