Pivot Points Standard With Labels

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This Pine Script code calculates Support and Resistance levels using Pivot Points, which are widely used in technical analysis for identifying potential price levels where the market might reverse direction. The methodology is based on two different calculation approaches: Traditional Pivot Points and Fibonacci Pivot Points. Here's an overview of the methodology:

Traditional and Fibonacci Pivot Points Formula:
Pivot Point (P) is calculated as the average of the previous period's High, Low, and Close prices:
P=(High+Low+Close)/3
​

where:

• H = High price of the previous period
  
• L = Low price of the previous period
  
• C = Close price of the previous period
  

Resistance 1 (R1):

R1=P+0.382×(H−L)
Support 1 (S1):
S1=P−0.382×(H−L)

Resistance 2 (R2):
R2=P+0.618×(H−L)

Support 2 (S2):
S2=P−0.618×(H−L)
Resistance 3 (R3):
S2=P−0.618×(H−L)
R3=P+(H−L)
Support 3 (S3):

R3=P+(H−L)
S3=P−(H−L)

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Traditional and Fibonacci Pivot Points Formula:
Pivot Point (P) is calculated as the average of the previous period's High, Low, and Close prices:

P=(High+Low+Close)/3

Where:

• High = High price of the previous period
  
• Low = Low price of the previous period
  
• Close = Close price of the previous period