it’s a breakout strategy that uses multiple Pivot Point’s averages.
How it works?
- it finds the Pivot Points, you can set the length as you want
- it gets averages of Pivot Highs and Pivot Lows, you can set the number of Pivot Points to be included
- it compares the current closing price with averages of Pivot Highs and Pivot Lows
- if both are positive or negative then trend changes
You have two options:
- Pivot Point Period => is the length that is used to find Pivot Points. means it checks left/right bars if it’s Pivot Point (4 by default)
- Number of PP to check => is the number of Pivot Points that the script finds and calculates the averages (3 by default)
(description from original author LonesomeTheBlue)
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//PRC_Pivot Trend | indicator //17.04.23 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //author: LonesomeTheBlue // --- settings prd = 4 //Pivot Point Period pnum = 3 //number of PP to check // --- end of settings once BarsAfter = prd once BarsBefore = prd once BarLookBack = prd + 1 IF low[BarsAfter] < lowest[BarsBefore](low)[BarLookBack] THEN IF low[BarsAfter] = lowest[BarLookBack](low) THEN $pllev[x] = low[BarsAfter] x=x+1 ENDIF ENDIF IF high[BarsAfter] > highest[BarsBefore](high)[BarLookBack] THEN IF high[BarsAfter] = highest[BarLookBack](high) THEN $phlev[y] = high[BarsAfter] y=y+1 ENDIF ENDIF lrate = 0.0 for i = 0 to lastset($pllev) - 1 rate = (close - $pllev[i]) / $pllev[i] lrate = lrate+(rate / pnum) next hrate = 0.0 for i = 1 to lastset($phlev) - 1 rate = (close - $phlev[i]) / $phlev[i] hrate = hrate+(rate / pnum) next trend = 0 if hrate>0 and lrate>0 then trend=1 elsif hrate<0 and lrate<0 then trend=-1 endif if trend=1 then r=33 r=150 b=243 elsif trend=-1 then r=255 g=152 b=0 endif colorbetween(hrate,lrate,r,g,b,40) mid = average[9]((hrate + lrate) / 2) if mid>=0 then if mid>=mid[1] then cr=33 cg=150 cb=243 else cr=49 cg=27 cb=146 endif else if mid<=mid[1] then cr=255 cg=82 cb=82 else cr=255 cg=152 cb=0 endif endif return hrate coloured("red") style(line,2), lrate coloured("lime") style(line,2), mid style(line,2) coloured(cr,cg,cb),0 style(dottedline2) coloured("grey") |
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Well done Nicolas, creative!
Hi Nicolas, please can you explain how to read/use this indicator?
thanks!