This is a fairly simple indicator for diamond notation of past hi/lo pivot points, a common method in Hurst analysis. The diamonds mark the troughs/peaks of each cycle. They are offset by their lookback and thus will not 'paint' until after they happen so anticipate accordingly. Practically, traders can use the average length of past pivot periods to forecast future pivot periods in time🔮. For example, if the average/dominant number of bars in an 80-bar pivot point period/cycle is 76, then a trader might forecast that the next pivot could occur 76-ish bars after the last confirmed pivot. The numbers/labels on the y-axis display the cycle length used for pivot detection. This indicator doesn't repaint, but it has a lot of lag; Please use it for forecasting instead of entry signals. This indicator scans for new pivots in the form of a rainbow line and circle; once the hi/lo has happened and the lookback has passed then the pivot will be plotted. The rainbow color per wavelength theme seems to be authentic to Hurst (or modern Hurst software) and has been included as a default.
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Thank you everyone for the incredible amount of feedback & love since the original release of this indicator. This major update includes the much-anticipated forecast/prediction of the time range of the next pivot point. The calculation of the average cycle and next pivot point was made possible by just 6 lines of code from the Pivot High/Low Analysis & Forecast by [LuxAlgo]. Many thanks to @LuxAlgo for the code snippet!
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This update provides a temporary fix for plotting the range line for each of the next pivot forecasts. For now, the lines have been removed and the range can only be found when hovering over the forecast diamond. Second, the forecast calculations were updated for accuracy. Third, all of the version 1 and version 2 features are now available (except forecast lines) and can be toggled in the settings.
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The candle close critical error has been fixed; shout out to @upslidedown for the troubleshooting help. All features (from Versions 1 and 2) have been enabled. Please remove and reload this indicator from your charts in order to receive these important updates.
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Added an alert for a user-selected pivot cycle confirmation and corrected a style typo. Please remove & reload the indicator on your charts in order to receive the updates.
Bravo, I understand the Esoteric implementations of the indicator., it almost seems too good to be true this is free!
MrPaolinoVr
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Super interesting!! Let's get some forward testing with this...
LonesomeTheBlue
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Good one!
BarefootJoey
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@LonesomeTheBlue, As a long-time follower of your work, I am incredibly humbled by your compliment and grateful for the coins; thank you so much!
KioseffTrading
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Nice work (:
BarefootJoey
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@KioseffTrading, Thank you for the kind words and coins! I am a big fan of your indicators and I look forward to rolling out new features for you to check out.
ShojinRyori
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Hi there, good sir! Many thanks for this; I'm in awe of and very grateful to you for this amazing indicator! Two questions for you, if I may...
1. Does the indicator account for non-trading days, as Hurst prescribes? I noticed that when scrolling over bars within the indicator, it skips weekends, for example.
2. What does a negative number in the "Next Pivot" section indicate? For example, I see "-13" for Next Pivot in the 10 Day cycle on a daily chart for the DJI.
BarefootJoey
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@ShojinRyori, Thank you for the kind words and gift of coins!! Regarding non-trading days (NTDs), this indicator works just like most on TradingView where it only takes into account trading days/bars displayed on the TradingView chart; so no, the current public version of this indicator does not automatically account for NTDs. That feature will be in the future updates of each of my Hurst indicators but in the meantime, it's something that can be done by the trader with some quick math that results in using shorter cycle lengths. I'll tag you and @rdregula when that feature update is released. Regarding the negative forecast number, it means "expect the next occurrence in negative 13 bars; so that means the event is expected to occur 13 bars ago in the past, not 13 bars into the future. So, a positive forecast value is in the future, and a negative value is in the past.
ShojinRyori
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@BarefootJoey Many, many thanks for the kind and very helpful guidance! Looking forward to your update on non-trading days (along with whatever other fantastic ideas you're sure to come up with)... and once again, kudos to your brilliance!