I like pivots as a general guide, however, just because price rarely exceed S3 or R3 does not make that useful in any way whatsoever. If you are shorting a trend day then will still lose money regardless as it usually closes near high of day, does not matter if it got to R3.
I want my pivots to change throughout the day, this would imo give far better prediction of potential range.
Pivot points were originally developed by floor traders in the equity and commodity exchanges. They are calculated based on the high, low and closing prices of previous trading sessions, and they are used by traders to predict support and resistance levels in the current or upcoming session