Add S5 pivot to PivotPoints

[codebeaulieu]

Would it be possible to add an S5/R5 pivot like trading view has?

[DaveSkender]

Different variants of Pivot Points have different quantities of support and resistance lines. Are you referring to the standard floor trading model?

[burakoner]

I'm attaching my old PP calculation methods. I hope it will help you about formulas
PivotPoints.zip
.

[DaveSkender]

Thank you very much. As I said PP is only one reason to access those tools. I saw #815 issue. I'ii share my old PP formula codes on that issue. I hope they will help you.

I generally don’t use third party code as a source of truth. Do you have a written publication source from a recognized industry pro, like a book?

[DaveSkender]

According to wikipedia:

Commonly a third set is also calculated, again representing another higher resistance level (R3) and a yet lower support level (S3). The method of the second set is continued by doubling the range added and subtracted from the pivot point:

R3 = H + 2×(P − L) = R1 + (H − L)
S3 = L − 2×(H − P) = S1 − (H − L)

This concept is sometimes, albeit rarely, extended to a fourth set in which the tripled value of the trading range is used in the calculation.

I'm not exactly sure what that means yet but will need to get to a formula for these extra levels that is unopinionated and non-controversial.