ProShares Trust Ultra VIX Short Term Futures ETFArca
Description
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https://www.tradingview.com/chart/OsBXckpZ/ This price action indicator calculated on the relationship of 3 adjacent bars/candles adds an extra dimension to my indicator mix and with a different perspective can help confirm or question an opinion formed by other indications (volume related, momentum, the chart itself and etc.). Further, I have traded with it a bit now and like it. So much for comfort - I have seen no clear evidence that the movement of the next bar is paying any attention to indicators, lines or patterns on charts. They are all based on the same historical data whether that data is run through an indicator algorithm or used to draw (chart style) on a chart. But they make me feel better about my trades and I prefer them to a coin flip. :-)
Pivot High Definition - (Pivot Low is reversed): A three-bar pivot high represents resistance and is formed when sellers turn price from up to down. It is seen where a price bar with a lower high closes below the previous bar's low, where the previous bar's high is higher than the bar that preceded it. Read more: Price Pivots Circle Big Profits investopedia.com/articles/trading/07/pivots.asp Follow us: Investopedia on Facebook
I see some n period high/low indicators named pivots. This indicator has no period and is based on the relationship of 3 bars usually referred to as Pivots High Low. Also no relationship to daily calculated "Pivot Points". As such this is a PRICE ACTION indicator. It works the same on ALL TIME FRAMES.
These pivots sometimes do not occur very often and usually are not at tops or bottoms. This is why I used a combination of most recent PHs and PLs along with the price to derive the signal.
Notes de version
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Added alertconditions for Pivot High and Pivot Low (they do not exist until the close of the next bar so the alerts are for 2 bars / candles back. This was at the request of user @msY. Had not set these before so had to figure it out so thanks for the suggestion! I also removed code that was commented out and cleaned up comments a bit. Enjoy!
Please let me Know if any other Wonderful Indicators created by you earlier which i haven't yet utilized...Can You do it SO...
vperisetty
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Thank you TOM for providing such a wonderful indicator ....Thanks a LOT
TreyDaBoss
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Anyone know how to stop the crosses from repainting?
patel.sagarinn
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sir i have a question regarding conditional plot (char) could you help regarding this
Tom1trader
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@Patel.sagarinn, Hi, just saw this, do not know but ask please. Thanks and keep smiling!
msY
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Put an alert in this script. please.
msY
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Can I put an alert?
Tom1trader
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@msY, Hi and sorry late in seeing this. All of my scripts are public so you can copy it and add an alert as a modification. Short answer, you may. I have never done one but looked it up and looks easy. The bottom line signals (red and green squares) are not clear signals, only the pivots high and low are. Checking into it now.
Tom1trader
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Hi and thanks for the comment. I usually have a couple of panels below and just now am using a different combo on the overlay. As much as I love to play with indicators and chart drawings they are without exception based on history so I trade options with neutral or neutral - direction. The next bar/candle seems to be essentially a coin flip but the indics etc. help with confidence. On this indic the pivots are straight up 3 bar as I remember but the signals did not play out well so I played with the algo a bit. Anyhow I hope this has something that works for you and please help yourself to any of it that makes sense to you. Thanks again for the feedback, much appreciated and keep smiling!
MrBlade90
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Wow I actually found this interesting, the signals were looking good on the chart! But the I discovered the "offset=-2" part lmaooooooooooo. You cant be serious.