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Pivot Points Denmark

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Summary: The Denmark Pivots indicator uses a conditional nature to calculate the pivot, support and resistance, based on whether the opening price is higher than the close price or not.
Denmark Pivot Points on the Charts
According to investopedia: pivot indicators are used to determine the overall trend of the market over different time frames. The pivot point itself is simply the average of the intraday high and low, and the closing price from the previous trading day. On the subsequent day, trading above the pivot point is thought to indicate ongoing bullish sentiment, while trading below the pivot point indicates bearish sentiment.
For the Denmark Pivots, X is calculated before the pivot can be obtained:
  • If the closing price is higher than the opening price: X = (2 * High) + Low + Close
  • If the closing price is lower than the opening price: X = High + (2 * Low) + Close
Once X is determined, the pivot, support and resistance can then be calculated:
  • Resistance: X/2 - Low
  • Support: X/2 - High
While the indicator defaults to an open time of Midnight at UTC+0, the timezone offset, and opening hour and minute can be adjusted to suit your preferred market's daily open time by locating and opening the Javascript Code under Data Building Procedure -> Procedure Loop under ’Pivot Points Fib’ Procedure Loop.
Products & Properties
The following properties are available to access:
Product Name Product Variable Properties
Pivot-Points-Denmark PivotDenmark pivot, r1, s1
Examples:
A basic strategy could use price action to enter a trade if a candle rises above the pivot point:
 chart.at01hs.candle.close > chart.at01hs.PivotDenmark.pivot
The indicator could then be used as a take profit value when the price action approaches the first resistance level:
 chart.at01hs.PivotDenmark.r1
Maintainer:
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